After announcing an expected $100 million in gross proceeds from its latest pubic offering, a Triangle drugmaker says it added $15 million to its haul.
Research Triangle Park-based BioCryst Pharmaceuticals (Nasdaq: BCRX) announced last week that it intended to offer 18.7 minion of its shares alongside warrants for an additional 3.5 million – bringing in about $100 million.
On Monday evening however, the company announced that the underwriters for the offering exercised their options in full, securing an additional 3.3 million shares and 3.5 million shares through warrants. Before deducting certain discounts and commissions, the company is now says its expected proceeds will be $115 million.
JPMorgan (NYE: JPM) and Piper Sandler acted as joint book-running managers for the offering. H.C. Wainwright & Co. and JMP Securities acted as lead managers.
According to its prospectus filed with the U.S. Food and Drug Administration, BioCryst intends to use proceeds from the offering for “general corporate purposes,” which may include “worldwide development, manufacturing, regulatory, pre-launch and commercial activities” of its drugs.
In Brazil, BioCryst is exploring its antiviral, galidesivir, as a potential treatment for Covid-19. The drug has been in development since 2013 as a therapeutic for Ebola and Marburg viruses and is currently being tested on coronavirus patients.
The company also filed a $500 million shelf offering in April as it awaits the long anticipated commercial launch of its drug, BCX7353, designed to treat hereditary Angioedema (severe swelling known as HAE).
According to its most recent earnings report, the company has cash, cash equivalents and investments totaling $114.6 million. According to BioCryst CEO Jon Stonehouse, that amount represented “sufficient capital to get us through this year and into the early part of next year.”
The company’s Covid-19 trials have been largely supported by government funding. The company has received $82 million in support of its work and trials in Brazil.
BioCryst is one of several Triangle companies tackling research and potential treatments for Covid-19.
Original Article Source: Triangle Business Journal