Tharimmune Raises $10 Million in Public Offering

Rare Daily Staff

Tharimmune, a clinical stage company developing therapeutic candidates for rare conditions, raised $10 million in an underwritten public offering.

The company sold 10 million shares of common stock or pre-funded warrants at a public offering price of $1.00 per share (inclusive of the pre-funded warrant exercise price), before deducting underwriting discounts and offering expenses. In addition, Tharimmune has granted the underwriters a 45-day option to purchase up to an additional 1.5 million shares of common stock and/or pre-funded warrants to cover over-allotments at the public offering price, less the underwriting discount.

Tharimmune intends to use the net proceeds to advance a phase 2 trial evaluating TH104 for the treatment of moderate-to-severe cholestatic pruritis in primary biliary cholangitis (PBC), a rare liver disease with no known cure in which more than 70 percent of patients suffer from debilitating symptoms.

TH104 has a dual mechanism of action affecting both the µ -opioid receptor and the kappa opioid receptor as well as inhibiting IL-17 inflammatory cytokine expression. These opioid receptors when stimulated and/or inhibited by the body’s natural ligands have been known to be involved in the body’s itch circuitry. TH104 is embedded with the active pharmaceutical ingredient onto a proprietary transdermal buccal film which easily adheres to the inside of the mouth to suppress chronic, debilitating pruritis or “uncontrollable itching”.

The company intends to first seek approval in an orphan disease for the treatment of moderate-to-severe cholestatic pruritis in patients with PBC.

Tharimmune expects to complete a phase 1 pharmacokinetic trial and a phase 2 proof-of-concept efficacy study in PBC patients suffering from chronic pruritis over approximately 12 months after aligning with FDA on trial design.