BioCryst looking to raise $100M in public offering
BioCryst Pharmaceuticals is seeking to raise up to $100 million through a secondary public offering to help pay for costs of drug treatments that are expected to receive regulatory approval later this year. The Durham-based drug maker is planning to sell $100 million in a secondary offering at $4.50 per share.
The company has several projects in the works, including a treatment for angioedema, a swelling of tissue and skin often associated with hives.The Food and Drug Administration is expected to make a judgment on the treatment by December, and the European Union may make a determination in the first half of 2021.
BioCryst needs to constantly raise funds to pay for research and development after reporting more than $300 million in net losses over the last four years. The pharmaceutical company raised $55 million in a November offering, priced at $1.45 per share, and had $114.6 million in cash at the end of the first quarter.
BioCryst’s shares have more than tripled since November to close at $5.03 yesterday. It was boosted by developments for its potential coronavirus treatment, galidesivir, which is undergoing testing in Brazil. A company spokesman didn’t respond to request for comment yesterday.