Allena Pharmaceuticals Inc. (NASDAQ: ALNA) stock gained by 13.93% at the last close whereas the ALNA stock price declines by 17.27% in the pre-market trading session. Allena Pharmaceuticals is a biopharmaceutical business focused on creating and commercializing first-in-class oral biologic medicines for patients with uncommon and severe metabolic and renal diseases.
What is happening?
Allena Pharmaceuticals revealed that it has reached definitive agreements with many healthcare-focused institutional and accredited investors for the buying and selling of 21,357,744 shares of ALNA common stock and warrants to purchase up to an aggregate of 10,678,872 shares of ALNA common stock, at a purchase cost of $1.311 per share of common stock and associated warrant, in a registered transaction. The offering is scheduled to close on or around July 16, 2021, pending the fulfillment of normal closing conditions.
H.C. Wainwright & Co. is serving as the offering’s exclusive placement agent. The warrants have a $1.25 exercise price, are immediately exercisable, and have a five-year period.
Before deducting the placement agent’s fees and other offering expenses, the gross proceeds to ALNA from this transaction are estimated to be around $28 million. The net proceeds from this transaction will be used by Allena Pharmaceuticals for working capital and other business purposes.
Allena Pharmaceuticals currently given updates on two of its clinical programs: ALLN-346 which is a first-in-class oral urate degrading enzyme in development for the treatment of patients with hyperuricemia and gout in the context of chronic kidney disease (CKD), and reloxaliase (ALLN-177) which is a first-in-class oral oxalate demeaning enzyme in clinical trials for the treatment of patients with enteric hyperoxaluria in the setting of CKD
- ALLN-346 completed its Phase 1b safety trial satisfactorily, and it is on schedule to begin two Phase 2a studies in Q3 2021, with preliminary results expected in Q4 2021.
- In the URIROX-2 Pivotal Phase 3 trial, Reloxaliase is progressing; a revised interim analysis is now scheduled for Q1 2022.