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Trevena expects USD63.4m from underwritten offering of common stock.

M2 EQUITYBITES-September 14, 2015-Trevena expects USD63.4m from underwritten offering of common stock

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Pharmaceutical company Trevena (NasdaqGS:TRVN) said on Friday that it has priced an underwritten offering of 6,500,000 shares of its common stock.

All of the common stock in the offering is to be sold by the company at a price to the public of USD9.75 per share.

The company has provided the underwriters with a 30-day option to purchase up to an additional 975,000 shares of its common stock.

Before deducting customary underwriting discounts and commissions and offering expenses, the company expects gross offering of approximately USD63.4m.

Net proceeds, together with its cash and investments, may be used by the company to complete Phase 3 development, submit a new drug application and begin launch preparations for TRV130; to complete its Phase 2b BLAST-AHF study for TRV027 & initial Phase 1 studies for TRV250; working capital and general corporate purposes.

This offering is expected to close on or about 16 September 2015, subject to customary closing conditions. Jefferies, Cowen and Company and Barclays Capital are acting as joint book-runners for the offering.

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Publication:M2 EquityBites (EQB)
Date:Sep 14, 2015
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