Applied Therapeutics Raises $69M Via Equity

Applied Therapeutics Inc (NASDAQ: APLT) prices its underwritten public offering of 3 million at $23 per share, raising $69 million in gross proceeds, at a marginal premium of 2%.
Underwriters have an option to purchase up to 450,000 additional shares. The offering is expected to close by February 17.
APLT intends to use the net proceeds to advance clinical and preclinical development of its product candidates, prepare for commercialization and other general corporate purposes.
This month, the FDA lifted the clinical hold on the company's AT-007 ACTION-Galactosemia kids pediatric study. It is expected to restart immediately. The company remains on target to submit a marketing application no later than the third quarter of 2021.
Goldman Sachs & Co. LLC, Cowen, and UBS Investment Bank are acting as joint book-running managers for the offering.
Price Action: APLT shares are trading higher by 6.93% at $25 in the premarket session on the last check Friday.