Protara Therapeutics, Inc. announced on December 9, 2024, the pricing of an underwritten public offering expected to generate approximately $100 million in gross proceeds. The offering includes 13,690,000 shares of its common stock priced at $6.25 per share, and pre-funded warrants to purchase 2,325,372 shares of common stock at $6.249 per pre-funded warrant.
The company has also granted the underwriters a 30-day option to purchase up to an additional 2,402,305 shares of common stock at the public offering price. All shares and pre-funded warrants in the offering are being sold directly by Protara.
Protara intends to use the net proceeds from this offering to fund the clinical development of its lead candidate, TARA-002, and other clinical programs. The proceeds will also be allocated for working capital and other general corporate purposes, supporting the company's ongoing operations and pipeline advancement.
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