Iterum Therapeutics plc (ITRM), a biopharmaceutical company developing next-generation oral and IV antibiotics for drug-resistant infections, has signed a definitive agreement with a single institutional investor to raise $5 million through a registered direct offering.
The deal includes the sale of 5,555,556 ordinary shares (or pre-funded warrants) priced at $0.90 each. The offering is expected to close around April 30, 2025, pending standard closing conditions.
Net proceeds will be used for general corporate purposes, including working capital and ongoing strategic efforts. If no strategic transaction results, the funds will support commercialization activities for ORLYNVAH, including manufacturing, marketing, and distribution.
Tuesday, ITRM closed at $1.06, down 15.87%, and is currently trading at $1.0692, up 0.87%, on the Nasdaq Capital Market.
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