Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT) has announced the pricing of its underwritten offering of 8,695,652 shares of common stock and pre-funded warrants to purchase 2,608,922 shares of common stock. The shares of common stock were priced at $11.50 per share, while the pre-funded warrants were priced at $11.499 per warrant. This offering is expected to generate approximately $130 million in gross proceeds for Phathom, before deducting underwriting discounts, commissions, and other offering expenses.
The offering, which is anticipated to close on or about August 20, 2024, will provide Phathom with the necessary capital to fund commercialization expenses and further clinical development of vonoprazan, in addition to supporting working capital and general corporate purposes.
Phathom Pharmaceuticals is focused on the development and commercialization of novel treatments for gastrointestinal diseases. The company has in-licensed the exclusive rights to vonoprazan, which is currently marketed in the United States as Voquezna® for the treatment of various gastrointestinal conditions.
The joint bookrunning managers for the offering are Evercore ISI, Stifel, and Guggenheim Securities, while H.C. Wainwright & Co., Needham & Company, and Craig-Hallum are acting as co-lead managers for the offering.
It's worth noting that the securities being offered by Phathom are pursuant to a shelf registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). Interested parties can obtain copies of the final prospectus supplement and the accompanying prospectus relating to the offering from the specified entities.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities being offered by Phathom. Additionally, there shall be no sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. As a result of these announcements, the company's shares have moved 3.5% on the market, and are now trading at a price of $12.89. Check out the company's full 8-K submission here.
