Pharmaceutical company Aquestive Therapeutics Inc. this week announced the pricing of an underwritten offering of 21,250,000 shares of its common stock at an offering price of $4 per share. The gross proceeds of the offering, before deducting the underwriting discounts and commissions and other offering expenses payable by Aquestive, are expected to be $85 million.
The company intends to use the net proceeds along with the company’s cash and cash equivalents, to advance the launch and commercialization of its Anaphylm (epinephrine) Sublingual Film for the treatment of severe life-threatening allergic reactions, including anaphylaxis (assuming FDA approval), and for working capital, capital expenditures and general corporate purposes.
All of the securities are to be sold by the company. The offering is expected to close on or about Aug. 15, subject to satisfaction of customary closing conditions.
The offering was led by RTW Investments, LP and included participation from Samsara BioCapital, EcoR1 Capital, Perceptive Advisors, Sio Capital Management, ADAR1 Capital Management, and Nantahala Capital.
Leerink Partners, Cantor, and Oppenheimer & Co. are acting as joint bookrunning managers for the offering. H.C. Wainwright & Co. is acting as lead manager for the offering, and Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as co-manager for the offering.
Aquestive said it is developing orally administered products to deliver complex molecules, providing alternatives to invasive and inconvenient standard-of-care therapies.
Aquestive has four commercialized products marketed by its licensees in the U.S. and around the world and is the exclusive manufacturer of these licensed products. The company also collaborates with pharmaceutical companies to bring new molecules to market.
Aquestive said it is advancing a late-stage proprietary product candidate for the treatment of severe allergic reactions, including anaphylaxis, and an earlier-stage epinephrine prodrug topical gel product candidate for possible various dermatology conditions, including alopecia areata.
