Spero Therapeutics Inc (NASDAQ:SPRO) reported an eight-million share common stock offering.
The Cambridge, Mass.-based company is a multi-asset clinical-stage biopharmaceutical company focused on identifying, developing and commercializing treatments in high unmet need areas involving multidrug-resistant (MDR) bacterial infections and rare diseases.
In addition, Spero expects to grant the underwriters in the common stock offering a 30-day option to purchase up to an additional 15% of the shares of common stock at the public offering price, less the underwriting discounts and commissions.
Spero intends to use the net proceeds from the offering, together with its existing cash and cash equivalents and committed funding from its existing BARDA contract and other non-dilutive funding commitments, to fund the advancement of tebipenem HBr through the filing of a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA).
This morning’s news release says this will happen through the NDA approval process and, if approved by the FDA, through its initial commercialization, the ongoing development of its pipeline products, and for working capital and other general corporate purposes.
SPRO shares tumbled $1.40, or 11%, to $11.39.
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