Shares of Protara Therapeutics Inc. (TARA) are down over 18% at $5.55 in premarket trading on Friday, after the company announced it has priced a $75 million underwritten public offering of 13 million shares of common stock at $5.75 per share.
The underwriters have a 30-day option to purchase up to an additional 1.95 million shares at the offering price, less underwriting discounts and commissions.
The offering is expected to close on or about December 8, 2025, subject to customary conditions.
Protara stated that the net proceeds will be used to support the clinical development of its lead candidate TARA-002, an investigational cell therapy derived from Streptococcus pyrogenes for the treatment of non-muscle invasive bladder cancer (NMIBC) and lymphatic malformations (LMs). Funds will also be allocated to other clinical initiatives, working capital, and general corporate purposes.
TARA-002 is currently being evaluated in a Phase 2 open-label trial for pediatric lymphatic malformations. The therapy has received Rare Pediatric Disease designation from the FDA and Orphan Drug designation from the European Commission for LMs.
In addition to TARA-002, Protara is advancing IV Choline Chloride, an investigational therapy for patients requiring parenteral support, which has been granted Orphan Drug Designation and Fast Track Designation by the FDA.
Over the past 12 months, the stock has traded between $2.77 and $7.82. The stock closed yesterday's trading at $6.87, up 1.03%.
For comments and feedback contact: editorial@rttnews.com
Business News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.