Applied Therapeutics Raises $30 Million in Private Placement

Rare Daily Staff

Applied Therapeutics, on the heels of saying it will pursue regulatory approval of its lead experimental therapy to treat the rare metabolic condition galactosemia despite mixed clinical trial results, said it raised $30 million through a private placement.

Venrock Healthcare Capital Partners, a new investor to the company, lead the placement, which consisted of 9.7 million shares of its common stock at a purchase price of $0.946 per share and 22,000,000 pre-funded warrants to purchase common stock at a purchase price of $0.945

The Private Placement is expected to close on or about April 26, 2023, subject to the satisfaction of customary closing conditions.

The said it will use the net proceeds to fund research and development and registration of its pipeline candidates, and for working capital and general corporate purposes. The capital raised in the private placement, in addition to current cash and potential milestones expected from a licensing partnership with Advanz Pharma announced in January for rights to govorestat in Europe, are expected to fund the business through the middle of 2024.