Aileron Therapeutics Inc (NASDAQ:ALRN) reported a proposed public offering of common stock.
The Watertown, Mass.-based company said the offering, announced at the close of business Wednesday, provides for a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the public offering. All of the shares are being offered by Aileron.
Aileron expects to use the net proceeds from the offering, together with its existing cash, cash equivalents and short-term investments, to fund clinical development of ALRN-6924 as a chemoprotective agent and for working capital and other general corporate purposes.
This offering is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement.
A preliminary prospectus supplement relating to and describing the terms of the offering is expected to be filed with the Security and Exchanges Commission and, when filed, copies of the preliminary prospectus supplement relating to the offering may be obtained for free by visiting the SEC’s website at www.sec.gov.
Aileron is a clinical-stage biopharmaceutical company advancing a proprietary platform of cell-permeating alpha-helical peptides.
The stabilized helical structure of the Company’s peptides allows the design of cell-permeating therapeutic agents with large molecular surfaces for optimal target binding properties, such as the Company’s lead product candidate ALRN-6924.
Shares slid 22 cents, or 16.8%, to begin Thursday at $1.09
