Entrada Therapeutics, Inc. (TRDA) announced on Monday that it has signed a deal with a group of investors for the purchase of 3.367 million shares and pre-funded warrants to purchase up to 3.367 million shares in a registered direct offering.
The gross proceeds from the offering, to be closed on or about June 25, are expected at around $100 million.
The per share purchase price is $14.85, while $14.8499 is for the pre-funded warrant.
Entrada plans to use the net proceeds from the offering to fund the ongoing clinical development of each of ENTR-601-44 and ENTR-601-45 through initiation of its planned Phase 2b clinical trials, and ENTR-601-50 through initiation of planned Phase 2 multiple ascending dose trial.
The drug maker also intends to use the proceeds for the ongoing research and development of its development pipeline, working capital and other general corporate purposes.
The offering was led by a U.S.-based healthcare focused investor, two global mutual funds, and Janus Henderson Investors, a global asset management firm.
TRDA was trading up by 4.98 percent at $15.59 in the pre-market trade on the Nasdaq.
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