Allena Pharma Stock Under Pressure After Equity Raise Of $28M

• Allena Pharmaceuticals Inc (NASDAQ: ALNA) has announced a registered direct offering of 21.3 million shares and warrants to purchase up to 10.7 million shares at $1.311.

• With gross proceeds of $28 million, the offering will close by July 16.

• H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

• The warrants have an exercise price of $1.25 per share, are exercisable immediately, and have a term of five years.

• The Company intends to use the proceeds for working capital and general corporate purposes.

• Earlier this week, the Company provided updates on its ALLN-346 and reloxaliase (ALLN-177) clinical programs.

• For reloxaliase, it preponed interim analysis to 1Q of 2022 from 2Q/3Q of 2022.

• It is on track to report initial results from Phase 2a of ALLN-346 by the end of 2021.

• Price Action: ALNA shares are down 18.75 at $1.13 during the premarket session on the last check Wednesday.

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• Allena Revises Interim Reloxaliase Analysis Targeted Now For Q1 2022; ALLN-346 Phase 2 Data On Track For End Of 2021

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