Trevi Therapeutics (Nasdaq: TRVI) priced a $150 million underwritten public offering to advance its investigational chronic cough treatment, Haduvio™, the company announced Thursday.
The New Haven, Connecticut-based company is selling 11.6 million shares of its common stock at $13.00 per share. Underwriters have a 30-day option to purchase up to an additional 1.74 million shares, which could increase the total proceeds. The offering is expected to close on or about April 20, subject to customary closing conditions.
The capital raise will fund the ongoing development of Haduvio™ (oral nalbuphine ER) for chronic cough in patients with idiopathic pulmonary fibrosis (IPF), non-IPF interstitial lung disease, and refractory chronic cough. The offering will increase the number of outstanding shares, diluting existing shareholders but providing necessary capital for clinical trials.
The successful offering provides Trevi with a significant cash runway to pursue its clinical objectives for Haduvio. Investors will now be closely watching for upcoming trial data and regulatory milestones as the next major catalysts for the company.
This article is for informational purposes only and does not constitute investment advice.
