Iterum Therapeutics plc (ITRM) stock was down -18.79% to $1.21 in the pre-market opening session.
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In response to demand, The Iterum Therapeutics plc (Nasdaq: ITRM) just revealed that, for a price of $1.15 per share, the underwriters have agreed to increase the size of the previously announced offering and purchase 34,782,609 ordinary shares (or warrants) at $1.15 per share. Moreover, the Company granted the underwriter an option to purchase 517,391 additional ordinary shares for the same price for another 30 days. This offering is expected to close between February 8, 2021, and March 8, 2021. The offering is subject to meeting the usual closing conditions.
HC Wainwright & Co. is acting as the sole bookrunner of the offering.
After paying underwriting discounts and commissions and other offering expenses, the Company expects to reap approximately $40.0 million in gross proceeds. This will enable the Company to support ongoing review of its new drug application in patients with a drug-resistant, quinolone-susceptible pathogen, engage in pre-commercialization activities, and for working capital and general corporate purposes. With regards to the Company’s current operating plan, it estimates that after closing of the offering it will be able to fund its operating expenses and capital expenditures through the third quarter of 2022, including through the July 25, 2021 FDA review deadline for oral sulopenem. The company’s operating plans may change due to various factors and uncertainties, but this estimate is based on assumptions that may be wrong.