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Applied Therapeutics Raises $69M Via Equity

·1 min read
  • Applied Therapeutics Inc (NASDAQ: APLTprices its underwritten public offering of 3 million at $23 per share, raising $69 million in gross proceeds, at a marginal premium of 2%.

  • Underwriters have an option to purchase up to 450,000 additional shares. The offering is expected to close by February 17.

  • APLT intends to use the net proceeds to advance clinical and preclinical development of its product candidates, prepare for commercialization and other general corporate purposes. 

  • This month, the FDA lifted the clinical hold on the company's AT-007 ACTION-Galactosemia kids pediatric study. It is expected to restart immediately. The company remains on target to submit a marketing application no later than the third quarter of 2021.

  • Goldman Sachs & Co. LLC, Cowen, and UBS Investment Bank are acting as joint book-running managers for the offering.

  • Price Action: APLT shares are trading higher by 6.93% at $25 in the premarket session on the last check Friday.

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