LIFE - aTyr Pharma stock dips after pricing $50M stock offering
- aTyr Pharma ( NASDAQ: LIFE ) shares fell over 7% premarket on Thursday after the biotherapeutics company priced its public offering of 22,225,000 shares at $2.25 per share.
- Underwriters have been granted a 30-day option to purchase up to an additional 3,333,750 shares at the public offering price per share, less underwriting discounts and commissions.
- Gross proceeds are expected to be ~$50M. Net proceeds will primarily be used for general corporate purposes, including the ongoing development of efzofitimod and the expansion of its clinical development program to include a planned Phase 2 study of efzofitimod in patients with systemic sclerosis (SSc, or scleroderma)-associated interstitial lung disease (SSc-ILD), in 2023, based on recent clearance of an Investigational New Drug application by the U.S. FDA, and for working capital.
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aTyr Pharma stock dips after pricing $50M stock offering