Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical-stage
company developing transformative therapies for the treatment of
cancer and rare diseases, today announced that it has entered into
a subscription agreement for the sale of an aggregate of 9,143,380
shares of its common stock (Shares) or, for certain purchasers,
pre-funded warrants to purchase an aggregate of 1,700,000 shares of
its common stock (Pre-Funded Warrants), in each case, along with
warrants to purchase an aggregate of 10,843,380 shares of its
common stock (Common Warrants), in a private placement financing
with certain institutional accredited investors. Each Share, along
with its attached Common Warrant, has a purchase price of $4.15,
and each Pre-Funded Warrant, along with its attached Common
Warrant, has a purchase price of $4.149. Gross proceeds from the
private placement are expected to be approximately $45 million,
before deducting expenses. The transaction is expected to close on
April 10, 2024, subject to the satisfaction of customary closing
conditions.
The offering is led by RA Capital Management and
Acorn Bioventures and includes participation from new and existing
investors such as Boxer Capital, Woodline Partners LP, Catalio
Capital Management, StemPoint Capital, Armistice Capital, Velan
Capital and a healthcare fund. In connection with the private
placement, the Company has also agreed to certain registration
rights related to the resale of the shares of its common stock and
the shares of its common stock issuable upon the exercise of the
Pre-Funded Warrants and the Common Warrants purchased in the
private placement. The resale of the Pre-Funded Warrants and the
Common Warrants will not be registered.
Proceeds from the private placement, along with
existing cash and cash equivalents, are expected to be sufficient
to fund the Company’s planned operations into 2026.
The Company intends to use the net proceeds from
the Private Placement for general corporate and working capital
purposes, including funding clinical trials. General corporate and
working capital purposes may include clinical study expenditures
(such as the addition of an 80 KE1 dose cohort and a systemic
priming cohort to the ongoing ADVANCED-2 Phase 2 clinical trial of
the Company’s product candidate intravesical TARA-002 in patients
with high-risk Non-Muscle Invasive Bladder Cancer (NMIBC)),
manufacturing expenditures, commercialization expenditures and
capital expenditures.
Guggenheim Securities, LLC acted as lead
placement agent and Oppenheimer & Co. acted as a placement
agent in the transaction.
The common stock and pre-funded warrants issued
in the private placement have not been registered under the
Securities Act of 1933, as amended (the Securities Act), or under
any state securities laws and, unless so registered, may not be
offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. The common stock and pre-funded warrants
sold in the private placement will be issued in reliance upon the
exemption from registration pursuant to Section 4(a)(2) under the
Securities Act in a transaction not involving a public offering of
such securities.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Protara Therapeutics,
Inc.
Protara is a clinical-stage biotechnology
company committed to advancing transformative therapies for people
with cancer and rare diseases. Protara’s portfolio includes its
lead candidate, TARA-002, an investigational cell-based therapy in
development for the treatment of non-muscle invasive bladder cancer
(NMIBC) and lymphatic malformations (LMs). The Company is
evaluating TARA-002 in an ongoing Phase 2 trial in NMIBC patients
with carcinoma in situ (CIS) who are unresponsive or naïve to
treatment with Bacillus Calmette-Guérin (BCG), as well as a Phase 2
trial in pediatric patients with LMs. Additionally, Protara is
developing IV Choline Chloride, an investigational phospholipid
substrate replacement for patients on parenteral nutrition who are
otherwise unable to meet their choline needs via oral or enteral
routes. For more information, visit www.protaratx.com.
References
1. Klinische Einheit, or KE, is a German term indicating a
specified weight of dried cells in a vial.
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
Protara’s intentions, beliefs, projections, outlook, analyses or
current expectations concerning, among other things: the expected
timing for the closing of the private placement; the potential
proceeds to Protara from the closing; the expected use of proceeds
from the private placement; and Protara’s business strategy,
including its development plans for its product candidates and
plans regarding the timing or outcome of existing or future
clinical trials; statements related to expectations regarding
interactions with the FDA; Protara’s financial position; statements
regarding the anticipated safety or efficacy of Protara’s product
candidates; and Protara’s outlook for the remainder of the year.
Because such statements are subject to risks and uncertainties,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that contribute
to the uncertain nature of the forward-looking statements include:
risks that Protara’s financial guidance may not be as expected, as
well as risks and uncertainties associated with: Protara’s
development programs, including the initiation and completion of
non-clinical studies and clinical trials and the timing of required
filings with the FDA and other regulatory agencies; general market
conditions; changes in the competitive landscape; changes in
Protara’s strategic and commercial plans; Protara’s ability to
obtain sufficient financing to fund its strategic plans and
commercialization efforts; having to use cash in ways or on timing
other than expected; the impact of market volatility on cash
reserves; failure to attract and retain management and key
personnel; the impact of general U.S. and foreign, economic,
industry, market, regulatory, political or public health
conditions; and the risks and uncertainties associated with
Protara’s business and financial condition in general, including
the risks and uncertainties described more fully under the caption
“Risk Factors” and elsewhere in Protara’s filings and reports with
the United States Securities and Exchange Commission. All
forward-looking statements contained in this press release speak
only as of the date on which they were made and are based on
management's assumptions and estimates as of such date. 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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