Protara Announces Pricing of $100 Million Public Offering
December 09 2024 - 10:35PM
Protara Therapeutics, Inc. (Nasdaq: TARA) (“Protara”), a
clinical-stage company developing transformative therapies for the
treatment of cancer and rare diseases, today announced the pricing
of its underwritten public offering of 13,690,000 shares of its
common stock at a price to the public of $6.25 per share and
pre-funded warrants to purchase 2,325,372 shares of common stock at
a price of $6.249 per pre-funded warrant, which represents the per
share price for the common stock less the $0.001 per share exercise
price for each such pre-funded warrant. In addition, Protara has
granted the underwriters a 30-day option to purchase up to an
additional 2,402,305 shares of common stock at the public offering
price, less underwriting discounts and commissions. All shares and
pre-funded warrants in the offering are being sold by Protara. The
gross proceeds from the offering are expected to be approximately
$100 million before deducting underwriting discounts and
commissions and offering expenses payable by Protara and excluding
any exercise of the underwriters’ option to purchase additional
shares and the exercise of any pre-funded warrants. The offering is
expected to close on December 11, 2024, subject to satisfaction of
customary closing conditions. Protara intends to use the net
proceeds received from the offering to fund the clinical
development of TARA-002, as well as the development of other
clinical programs. Protara may also use the net proceeds from the
offering for working capital and other general corporate purposes.
TD Cowen, Cantor, LifeSci Capital, Oppenheimer
& Co. and Scotiabank are acting as joint book-running managers
of the offering.
The shares of common stock and the pre-funded
warrants will be issued pursuant to an effective shelf registration
statement on Form S-3 (File No. 333-275290) that was declared
effective on November 14, 2023 by the U.S. Securities and Exchange
Commission (the “SEC”). The offering is being made only by means of
a prospectus supplement and the accompanying prospectus. A final
prospectus supplement relating to the offering will be filed with
the SEC and will be available on the SEC’s website, located at
www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to the offering, when available,
may be obtained from the offices of TD Securities (USA) LLC, 1
Vanderbilt Avenue, New York, New York 10017, by email at
TD.ECM_Prospectus@tdsecurities.com or by telephone at (855)
495-9846; Cantor Fitzgerald & Co., 110 East 59th Street, 6th
Floor, New York, New York 10022, Attention: Capital Markets, or by
email at prospectus@cantor.com; or LifeSci Capital LLC, 1700
Broadway, 40th Floor, New York, New York 10019, or by email at
compliance@lifescicapital.com.
This press release shall not constitute an offer to
sell or a solicitation of an offer to buy any of these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
applicable securities laws of such state or jurisdiction.
Forward-looking Statements
Statements contained in this press release
regarding matters that are not historical facts are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Protara may, in some
cases, use terms such as “predicts,” “believes,” “potential,”
“proposed,” “continue,” “designed,” “estimates,” “anticipates,”
“expects,” “plans,” “intends,” “may,” “could,” “might,” “will,”
“should” or other words or expressions referencing future events,
conditions or circumstances that convey uncertainty of future
events or outcomes to identify these forward-looking statements.
Such forward-looking statements include but are not limited to,
statements regarding the timing, size and completion of the public
offering as well as the expected use of proceeds related thereto
are not guarantees of future performance or results and involve
substantial risks and uncertainties. Actual results, developments
and events may differ materially from those in the forward-looking
statements as a result of various factors including: Protara’s
ability to complete the offering on the proposed terms, or at all,
and Protara’s expectations related to the use of proceeds from the
offering. Additional important factors to be considered in
connection with forward-looking statements, including additional
risks and uncertainties, are described more fully under the caption
“Risk Factors” and elsewhere in Protara’s filings and reports with
the Securities and Exchange Commission. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. Protara undertakes no obligation to
update any forward-looking statements, whether as a result of the
receipt of new information, the occurrence of future events or
otherwise, except as required by law.
Company Contact:Justine
O'MalleyProtara
TherapeuticsJustine.OMalley@protaratx.com646-817-2836
Protara Therapeutics (NASDAQ:TARA)
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