Phathom Pharmaceuticals Pricing of $130M Offering of Shares
Phathom Pharmaceuticals Reveals Pricing of $130 Million Stock Offering
Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical firm dedicated to advancing new therapeutic solutions for gastrointestinal disorders, announced the pricing of its underwritten offering. This will entail the issuance of 8,695,652 shares of common stock along with pre-funded warrants to acquire an additional 2,608,922 shares of common stock. The common stock is priced at $11.50 per share, while the pre-funded warrants are set at $11.499 each, reflecting the common stock price minus a nominal exercise fee of $0.001 for each pre-funded warrant. Phathom expects to generate gross proceeds of around $130 million from this offering, prior to deducting underwriting fees, commissions, and additional offering costs. The anticipated closing date is around August 20, 2024, contingent on the fulfillment of standard closing requirements.
The net proceeds obtained from this offering are earmarked for various purposes, including the funding of commercialization costs, advancing the clinical development of vonoprazan, as well as for working capital and general corporate activities.
Leading this offering are joint bookrunning managers Evercore ISI, Stifel, and Guggenheim Securities, with co-lead managers H.C. Wainwright & Co., Needham & Company, and Craig-Hallum also involved in the process.
The securities mentioned are being offered under a shelf registration statement, previously submitted and approved by the Securities and Exchange Commission (SEC). An electronic version of the related prospectus has been filed with the SEC and can be accessed via their official website. Furthermore, copies of the final prospectus supplement, along with the related prospectus for the offering, can be obtained from various financial institutions, including:
- Evercore Group L.L.C.: Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, Phone: 1-888-474-0200, Email: ecm.prospectus@evercore.com
- Stifel, Nicolaus & Company, Incorporated: One Montgomery Street, Suite 3700, San Francisco, CA 94104, Attention: Syndicate, Phone: 1-415-364-2720, Email: syndprospectus@stifel.com
- Guggenheim Securities, LLC: Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, Phone: 1-212-518-9544, Email: GSEquityProspectusDelivery@guggenheimpartners.com
This announcement does not constitute an offer to sell or the solicitation of an offer to purchase these securities, nor shall there be any sale of these securities in any jurisdiction where such offer or sale would be illegal prior to the registration or qualification under the securities laws of that jurisdiction.
About Phathom Pharmaceuticals, Inc.
Phathom Pharmaceuticals is a biopharmaceutical company concentrating on the formulation and commercialization of innovative treatments for gastrointestinal diseases. The company holds exclusive rights to vonoprazan, a groundbreaking potassium-competitive acid blocker (PCAB) which is currently available in the U.S. under the brand VOQUEZNA. This medication is prescribed for combating heartburn associated with Non-Erosive GERD in adults, healing and maintaining the healing of Erosive GERD, and treating H. pylori infection in combination with VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK.
Company Contacts
Media Contact:
Nick Benedetto
1-877-742-8466
Email: media@phathompharma.com
Investor Contact:
Eric Sciorilli
1-877-742-8466
Email: ir@phathompharma.com
© 2024 Phathom Pharmaceuticals. All rights reserved. The trademarks VOQUEZNA, VOQUEZNA DUAL PAK, and VOQUEZNA TRIPLE PAK are properties of Phathom Pharmaceuticals, Inc.
Frequently Asked Questions
1. What is the amount Phathom Pharmaceuticals is raising in the offering?
Phathom Pharmaceuticals is raising approximately $130 million through its offering of common stock and pre-funded warrants.
2. What are the intended uses of the proceeds from this offering?
The net proceeds will be used to fund commercialization expenses, further clinical development of vonoprazan, and for general corporate purposes.
3. Who are the managers of this stock offering?
The offering is being managed by Evercore ISI, Stifel, and Guggenheim Securities as joint bookrunning managers, with H.C. Wainwright & Co., Needham & Company, and Craig-Hallum acting as co-lead managers.
4. What is vonoprazan and what is its significance to Phathom Pharmaceuticals?
Vonoprazan is a first-in-class potassium-competitive acid blocker that Phathom Pharmaceuticals aims to commercialize for treating various gastrointestinal conditions, including GERD and H. pylori infections.
5. How can interested parties obtain a copy of the final prospectus?
Copies of the final prospectus supplement and accompanying prospectus can be requested from Evercore, Stifel, or Guggenheim Securities at their respective contact details provided within the announcement.
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