Trevi Therapeutics Shares Gain On Raising $55M Via Equity

Trevi Therapeutics Inc TRVI has announced a private placement of 4.5 million priced at $1.90 per share and pre-funded warrants to purchase up to 24.4 million shares at $1.899 per warrant.
The gross proceeds are approximately $55 million.
Each pre-funded warrant will have an exercise price of $0.001 per share and be exercisable immediately.
Frazier Life Sciences and Venrock Healthcare Capital Partners are co-lead investors in the private placement, and Fairmount and New Enterprise Associates are also participating.
In February, Trevi Therapeutics announced positive interim analysis results from the Phase 2 CANAL trial of Haduvio (nalbuphine ER) in idiopathic pulmonary fibrosis patients (IPF) suffering from chronic cough.
The company plans to report data from the full CANAL trial early in Q3 of 2022.
Last month, the company concluded enrollment early for its Phase 2 CANAL trial with approximately 40 subjects.
Price Action: TRVI shares are up 51% at $2.87 during the market session on the last check Thursday.