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Market Overview

Veru Raises $100M Via Equity At 10% Discount

  • Veru Inc (NASDAQ: VERUpriced its underwritten public offering of 6.5 million shares at $15.50 per share, with gross proceeds of approximately $100 million. Underwriters have an option to purchase up to an additional 967,741 shares.
  • The offer price represents a discount of 10% from the last close price of $17.21 on Wednesday.
  • Jefferies is acting as the sole book-running manager for the offering, expected to close by February 22.
  • Veru plans to use the net proceeds for R&D activities, clinical trials, regulatory and sales and marketing expenditures, working capital, and other general corporate purposes.
  • Earlier this month, Veru reported positive efficacy and safety results from a Phase 2 trial evaluating VERU-111 versus placebo in hospitalized patients at high risk for Acute Respiratory Distress Syndrome from SARS-CoV-2.
  • In December, the company announced data from Phase 2 study of recently in-licensed enobosarm in AR+/ER+/HER2- metastatic breast cancer and who have developed resistance to estrogen receptor-targeted endocrine therapies and chemotherapy. Enobosarm demonstrated a clinically meaningful six-month clinical benefit rate of 35.3% and had a good safety profile with no reports of virilization, increased hematocrit, or liver toxicity.
  • Price Action: VERU shares are trading lower by 6.2% at $16.15 in the premarket session on the last check Thursday.

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Posted-In: Biotech News Offerings Small Cap General

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