ALNA - Allena Pharma launches $28M direct offering

Allena Pharmaceuticals (ALNA) inks agreements with several institutional and accredited investors for the purchase and sale of 21,357,744 common shares and warrants to purchase up to 10,678,872 common stock, at $1.311/share and warrant, in a registered direct offering priced at-the-market.Expected gross proceeds are ~$28M. The five-year warrants have an exercise price of $1.25/share. Net proceeds will be used for working capital and general corporate purposes.Closing date is July 16.H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.Shares down 5% after-hours.

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Allena Pharma launches $28M direct offering