Iterum Therapeutics plc [Nasdaq: ITRM] stock rose yesterday as it was high more than 47.40% to close at $2.270.The ITRM stock price has dropped by -0.65% for the week, though its monthly jump was 32.76%, with an annual return of -37.90%, and an increase of 208.00% quarterly.
ITRM Corporate Focus
Iterum Therapeutics is dedicated to the advancement of differentiated anti-infectives to combat the global pandemic of super-germs that threatens to undermine modern healthcare.
ITRM recently announced that, due to increased demand, the existing offering size was increased. The company agreed to acquire at a public offering price of $1.15 per share (or pre-funded warrants in lieu thereof) at a firm commitment price of 34,782,609 ordinary shares. Additionally, the Company has granted the underwriter the right to purchase up to 5,217,391 additional shares on the same terms and conditions for the period of 30 days. The warrants are all being offered by the Company. Closing is expected to take place on or about February 8, 2021, as long as all closing conditions are satisfied.
Upon closing the offering, the Company expects to earn approximately $40.0 million in gross proceeds before deducting underwriting discounts and commissions, as well as other offering expenses.
In addition to pre-commercializing and potentially launching oral sulopenem for pre-commercialization purposes, the Company plans to use the net proceeds of the offering for working capital and general corporate purposes.
According to the Iterum Therapeutics plc [Nasdaq: ITRM] current operating plan, its cash and cash equivalents, together with the net proceeds of the offering, should fund the Company’s operating expenses after the offering closes and the FDA must approve the potential commercial launch of oral sulopenem and the cost of its development and testing for oral sulopenem until the third quarter of 2022, including the PDUFA goal date of July 25, 2021. The Company’s operating plans and assumptions may change due to many factors including various risks and uncertainties.
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