Phathom Pharmaceuticals Announces Pricing for $130 Million Stock Offering
Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on developing innovative treatments for gastrointestinal disorders, has revealed the pricing details of its underwritten stock offering. This offering will include 8,695,652 shares of common stock and pre-funded warrants that allow the purchase of 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 priced at $11.499 each, which accounts for the common stock price minus a nominal exercise fee of $0.001 for each warrant. Phathom anticipates raising approximately $130 million in gross proceeds from this offering, before accounting for underwriting fees, commissions, and other related costs. The expected closing date is around August 20, 2024, pending the completion of standard closing conditions.
The funds raised from this offering are intended for several purposes, including covering commercialization expenses, advancing the clinical development of vonoprazan, and supporting general corporate activities.
The offering is being led by joint bookrunning managers Evercore ISI, Stifel, and Guggenheim Securities, with co-lead managers H.C. Wainwright & Co., Needham & Company, and Craig-Hallum also participating.
The securities being offered are part of a shelf registration statement that has already been filed and approved by the Securities and Exchange Commission (SEC). An electronic version of the associated prospectus has been submitted to the SEC and can be accessed through their official website. Additionally, copies of the final prospectus supplement and 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 a solicitation of an offer to purchase these securities, and there will be no sale of these securities in any jurisdiction where such an 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 that focuses on developing and commercializing innovative treatments for gastrointestinal diseases. The company has exclusive rights to vonoprazan, a pioneering potassium-competitive acid blocker (PCAB) that is currently marketed in the U.S. under the brand name VOQUEZNA. This medication is used to treat heartburn related to Non-Erosive GERD in adults, facilitate healing and maintain the healing of Erosive GERD, and address H. pylori infections 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 owned by 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, advance the clinical development of vonoprazan, and support 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.
