Protara Therapeutics closed a $100 million public offering to fund clinical development of its therapies.
Quiver AI Summary
Protara Therapeutics, Inc. announced the completion of its public offering of 13,690,000 shares of common stock at a price of $6.25 per share, along with pre-funded warrants for an additional 2,325,372 shares at $6.249 each. The offering, which grossed approximately $100 million before deductions, comes with a 30-day option for underwriters to purchase up to 2,402,305 additional shares. Protara plans to utilize the net proceeds to advance the clinical development of its drug TARA-002 and other clinical programs, while also addressing general corporate needs. The offering was conducted under an effective registration statement with the SEC, and interested investors can access the final prospectus supplement through several financial institutions mentioned in the release. The company also provided a cautionary note regarding forward-looking statements and associated risks.
Potential Positives
- Protara Therapeutics successfully closed an underwritten public offering, raising approximately $100 million in gross proceeds, which will support its clinical development efforts.
- The funds will be used to advance the clinical development of TARA-002 and other clinical programs, enhancing the company’s pipeline and potential future growth.
- The offering included a 30-day option for underwriters to purchase additional shares, indicating strong market interest and potential for further capital raised.
Potential Negatives
- The offering of shares may dilute existing shareholders’ equity, potentially impacting share value negatively.
- The reliance on the net proceeds for development programs suggests financial instability and the need for additional funding.
- Forward-looking statements in the release highlight uncertainties regarding future performance, raising concerns for investors about the company's potential risks.
FAQ
What is the main announcement from Protara Therapeutics?
Protara Therapeutics announced the closing of a public offering of 13,690,000 shares of common stock at $6.25 per share.
How much gross proceeds did Protara raise in this offering?
The gross proceeds from the offering were approximately $100 million before deducting underwriting discounts and commissions.
What will Protara use the proceeds from the offering for?
Protara intends to use the net proceeds for the clinical development of TARA-002 and other clinical programs, as well as for working capital.
Who managed the public offering for Protara Therapeutics?
TD Cowen, Cantor, LifeSci Capital, Oppenheimer & Co., and Scotiabank acted as joint book-running managers for the offering.
Where can I obtain the prospectus related to the offering?
The final prospectus supplement and accompanying prospectus can be obtained from TD Securities, Cantor Fitzgerald, or LifeSci Capital.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TARA Insider Trading Activity
$TARA insiders have traded $TARA stock on the open market 24 times in the past 6 months. Of those trades, 0 have been purchases and 24 have been sales.
Here’s a breakdown of recent trading of $TARA stock by insiders over the last 6 months:
- MANAGEMENT INC. OPALEYE has traded it 24 times. They made 0 purchases and 24 sales, selling 392,421 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$TARA Hedge Fund Activity
We have seen 21 institutional investors add shares of $TARA stock to their portfolio, and 18 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WOODLINE PARTNERS LP added 751,566 shares (+751.6%) to their portfolio in Q3 2024
- OPALEYE MANAGEMENT INC. removed 623,108 shares (-27.0%) from their portfolio in Q3 2024
- ARMISTICE CAPITAL, LLC removed 520,000 shares (-100.0%) from their portfolio in Q3 2024
- VANGUARD GROUP INC added 332,000 shares (+77.6%) to their portfolio in Q3 2024
- CVI HOLDINGS, LLC added 302,746 shares (+inf%) to their portfolio in Q2 2024
- RENAISSANCE TECHNOLOGIES LLC added 186,340 shares (+123.9%) to their portfolio in Q3 2024
- PRIVIUM FUND MANAGEMENT (UK) LTD removed 114,708 shares (-100.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical-stage company developing transformative therapies for the treatment of cancer and rare diseases, today announced the closing of its underwritten public offering of 13,690,000 shares of its common stock at a public offering price of $6.25 per share and pre-funded warrants to purchase 2,325,372 shares of common stock at a price of $6.249 per pre-funded warrant, which represents the per share price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. In addition, Protara has 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, less underwriting discounts and commissions. The gross proceeds from the offering were approximately $100 million before deducting underwriting discounts and commissions and offering expenses payable by Protara and excluding any exercise of the underwriters’ option to purchase additional shares and the exercise of any pre-funded warrants. Protara intends to use the net proceeds received from the offering to fund the clinical development of TARA-002, as well as the development of other clinical programs. Protara may also use the net proceeds from the offering for working capital and other general corporate purposes.
TD Cowen, Cantor, LifeSci Capital, Oppenheimer & Co. and Scotiabank acted as joint book-running managers of the offering.
The shares of common stock and the pre-funded warrants were issued pursuant to an effective shelf registration statement on Form S-3 (File No. 333-275290) that was declared effective on November 14, 2023 by the U.S. Securities and Exchange Commission. The offering was made only by means of a prospectus supplement and the accompanying prospectus. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from the offices of TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by email at TD.ECM_Prospectus@tdsecurities.com or by telephone at (855) 495-9846; Cantor Fitzgerald & Co., 110 East 59th Street, 6th Floor, New York, New York 10022, Attention: Capital Markets, or by email at prospectus@cantor.com; or LifeSci Capital LLC, 1700 Broadway, 40th Floor, New York, New York 10019, or by email at compliance@lifescicapital.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction.
Forward-looking
Statements
Statements contained in this press release regarding matters that are not historical facts are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Protara may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “designed,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words or expressions referencing future events, conditions or circumstances that convey uncertainty of future events or outcomes to identify these forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the expected use of proceeds therefrom, are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including Protara’s expectations related to the use of proceeds from the offering. Additional important factors to be considered in connection with forward-looking statements, including additional risks and uncertainties, are described more fully under the caption “Risk Factors” and elsewhere in Protara’s filings and reports with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Protara undertakes no obligation to update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise, except as required by law.
Company Contact:
Justine O'Malley
Protara Therapeutics
Justine.OMalley@protaratx.com
646-817-2836
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