Phathom Pharma Prices Public Offering Of 11.13 Mln Shares At $11.75/shr

(RTTNews) - Phathom Pharmaceuticals Inc. (PHAT) said that it has priced its underwritten public offering of 11.13 million shares of its common stock at a price to the public of $11.75 per share.

The company expects gross proceeds from the offering, before deducting the underwriting discounts and commissions and other offering expenses, to be about $130.7 million.

In addition, Phathom has granted the underwriters a 30-day option to purchase up to an additional 1.67 million shares of common stock at the public offering price, less underwriting discounts and commissions.

The offering is expected to close on or about May 26, 2023, subject to satisfaction of customary closing conditions.

Phathom intends to use the net proceeds from the proposed offering to fund the clinical development of vonoprazan, pre-commercial activities and commercialization expenses and for working capital and general corporate purposes.