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Highlights
- Public Offering Details: Protara is offering 13.69 million shares at $6.25 each and pre-funded warrants for 2.33 million shares at $6.249 each, totaling approximately $100 million in gross proceeds.
- Use of Funds: Proceeds will support clinical development of TARA-002 and other programs, as well as general corporate purposes.
- Underwriting Management: TD Cowen, Cantor, LifeSci Capital, Oppenheimer & Co., and Scotiabank are serving as joint book-running managers.
Protara Therapeutics, Inc. (Nasdaq:TARA), a clinical-stage biopharmaceutical company focused on developing transformative therapies for cancer and rare diseases, has announced the pricing of its underwritten public offering. The offering includes 13,690,000 shares of its common stock at $6.25 per share and pre-funded warrants for 2,325,372 shares priced at $6.249 each. The pre-funded warrants represent the per-share price of common stock minus a nominal exercise fee of $0.001 per warrant.
Gross Proceeds and Additional Options
Protara expects gross proceeds from the offering to be approximately $100 million before deducting underwriting discounts, commissions, and other expenses. Furthermore, the underwriters have been granted a 30-day option to purchase up to an additional 2,402,305 shares of common stock at the public offering price, excluding commissions and discounts.
The offering, which is anticipated to close on December 11, 2024, is subject to customary closing conditions.
Strategic Use of Proceeds
Protara plans to utilize the net proceeds to advance the clinical development of its lead candidate, TARA-002, a promising therapy in its pipeline for cancer and rare diseases. Additional funds will be allocated toward other clinical programs, working capital, and general corporate expenses.
Leadership in Management
The offering is being jointly managed by TD Cowen, Cantor, LifeSci Capital, Oppenheimer & Co., and Scotiabank, serving as book-running managers.
Regulatory Compliance
The securities for the offering will be issued under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). This registration (File No. 333-275290) became effective on November 14, 2023, ensuring compliance with federal securities regulations.
About Protara Therapeutics
Protara Therapeutics is dedicated to developing transformative therapies aimed at addressing unmet medical needs in oncology and rare diseases. With its lead product candidate TARA-002, Protara is focused on leveraging innovation to provide life-changing solutions for patients worldwide.
