Eupraxia Raises $63.2M Via 7.6M Share Offering to Fund EP-104GI Trials
Eupraxia raised approximately US$63.2 million by selling 7.6 million common shares at US$7 each and pre-funded warrants for 1.43 million shares at US$6.99999. Net proceeds will finance EP-104GI development through Phase 3 preparations, including eosinophilic esophagitis and additional gastrointestinal indications.
1. Offering Details
Eupraxia completed a public offering of 7,607,145 common shares at US$7.00 each and issued pre-funded warrants for 1,428,571 shares at US$6.99999, including full exercise of the underwriter option, generating gross proceeds of US$63.2 million before underwriting commissions and expenses.
2. Use of Proceeds
The company will allocate net proceeds to advance EP-104GI through completion of preclinical studies, ongoing Phase 2 trials, preparations and regulatory submissions for a Phase 3 trial in eosinophilic esophagitis, and to initiate clinical studies in esophageal strictures and fibrostenotic Crohn’s disease, alongside general R&D and commercial development activities.
3. Cash Runway and Financial Implications
This financing is expected to fund operations into the first quarter of 2028, bolstering the balance sheet while diluting existing shareholders, as the company seeks to reach key development and commercialization milestones without immediate follow-on funding.
4. Leadership Commentary
CEO James Helliwell stated that the successful raise will significantly expand Eupraxia’s pipeline, support meaningful progress toward commercial readiness for EP-104GI, and underscores investor confidence in the company’s strategic growth plan.