Tricida Inc (NASDAQ:TCDA) dipped Tuesday on reporting a five-million share common stock offering.
The San Francisco-based company announced Monday it has commenced an underwritten public offering. All of the shares in the offering will be sold by Tricida.
In addition, Tricida expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of its common stock in the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. Needham & Company, LLC is acting as co-manager.
Last week, the company announced of positive results from an extension study, TRCA-301E, evaluating lead drug TRC101 (veverimer) for the treatment of metabolic acidosis in chronic kidney disease (CKD) patients.
Metabolic acidosis, excess amounts of acid in the body, is believed to accelerate the progression of CKD while increasing the risk of muscle wasting and bone density loss.
Tricida focuses on the development and commercialization of its drug candidate, TRC101 (veverimer), a non-absorbed, orally-administered polymer designed to treat metabolic acidosis in patients with chronic kidney disease (CKD) by binding and removing acid from the gastrointestinal tract.
Shares scaled back $1.33, or 3.8%, to $34.00
