Palvella Therapeutics Raises $230M in 1.84M-Share Offering at $125 Each
Palvella Therapeutics completed an upsized public offering of 1,840,000 common shares at $125.00 per share, including full exercise of a 240,000-share option, generating $230.0 million in gross proceeds. Net proceeds will finance development of its QTORIN rapamycin and QTORIN pitavastatin programs and general corporate purposes.
1. Offering Details
Palvella closed the upsized offering of 1,840,000 common shares at $125.00 per share, including the full underwriters' option to purchase 240,000 additional shares, resulting in $230.0 million in gross proceeds before underwriting discounts, commissions and expenses.
2. Underwriting and Registration
The shares were sold under a shelf registration statement on Form S-3, with joint bookrunning managers TD Cowen, Cantor, Stifel, Mizuho, LifeSci Capital, Oppenheimer, Canaccord Genuity and H.C. Wainwright, and co-managers Lucid Capital Markets, Jones, Clear Street and Craig-Hallum.
3. Use of Proceeds and Pipeline
Palvella intends to use net proceeds to advance its QTORIN rapamycin and QTORIN pitavastatin clinical programs, support research and development expenditures, and maintain working capital and other general corporate purposes.