Travere Therapeutics Raises $200 Million in Public Offering
March 1, 2023
Rare Daily Staff
Travere Therapeutics raised $200 million in an underwritten public offering on the heels of the recent U.S. Food and Drug Administration approval of Filspari to reduce proteinuria in adults with primary IgA neuropathy.
The company priced 8.3 million shares of its common stock at a price to the public of $21.00 per share and, in lieu of common stock to investors who so choose, pre-funded warrants to purchase 1.25 million shares of its common stock at a price to the public of $20.9999 per pre-funded warrant.
The exercise price of the pre-funded warrants is $0.0001 per share. All of the shares and pre-funded warrants are being sold by Travere. The gross proceeds from the offering are expected to be approximately $200.0 million, before deducting the underwriting discounts and commissions and offering expenses. Travere has also granted the underwriters a 30-day option to purchase up to an additional 1.4 million shares of its common stock at the public offering price, less the underwriting discounts and commissions.
Filspari is the first and only non-immunosuppressive therapy approved to treat IgA nephropathy (IgAN), a rare progressive kidney disease characterized by the buildup of immunoglobulin A (IgA), a protein that helps the body fight infections, in the kidneys. The deposits of IgA cause a breakdown of the normal filtering mechanisms in the kidney, leading to blood in the urine, protein in the urine, and a progressive loss of kidney function. Other symptoms of IgAN may include swelling and high blood pressure.
Filspari’s accelerated approval as based on reduction in proteinuria and continued approval may be contingent upon confirmation of a clinical benefit in the ongoing phase 3 PROTECT study, which is designed to demonstrate whether Filspari slows kidney function decline. Topline results from the two-year confirmatory endpoints in the PROTECT study are expected in the fourth quarter of 2023 and are intended to support traditional approval of Filspari.
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