Protara Therapeutics, Inc. (TARA), a clinical-stage company developing transformative therapies for the treatment of cancer and rare diseases, announced late Monday that it has priced its underwritten public offering of 13.69 million shares of its common stock at a price to the public of $6.25 per share.
The gross proceeds from the offering are expected to be around $100 million before deducting underwriting discounts and commissions and offering expenses.
Protara intends to use the net proceeds to fund the clinical development of TARA-002, as well as the development of other clinical programs. The company may also use the net proceeds for working capital and other general corporate purposes.
The company also announced pre-funded warrants to purchase around 2.33 million shares of common stock at a price of $6.249 per pre-funded warrant, which represents the per share price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant.
In addition, Protara has granted the underwriters a 30-day option to purchase up to an additional 2.40 million shares of common stock at the public offering price, less underwriting discounts and commissions.
All shares and pre-funded warrants in the offering are being sold by Protara.
The offering is expected to close on December 11, subject to satisfaction of customary closing conditions.
In the offering, TD Cowen, Cantor, LifeSci Capital, Oppenheimer & Co. and Scotiabank are acting as joint book-running managers.
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