TRVI - Trevi Therapeutics stock slides on $55M private securities offering

Trevi Therapeutics (NASDAQ:TRVI) shares dropped 11.05% Thursday morning after the biopharmaceutical company announced a $55M private placement priced at-the-market under Nasdaq rules. The firm entered into a definitive agreement with certain healthcare-focused institutional investors for the purchase of 4,580,526 shares of common stock at $1.90/share and pre-funded warrants to purchase up to 24,379,673 shares of common stock at $1.899/warrant. Each pre-funded warrant will have an exercise price of $0.001 per share, will be exercisable immediately until exercised in full. Gross proceeds is estimated to be ~ $55M. Net proceeds will be used to support the clinical development of Haduvio for chronic cough in idiopathic pulmonary fibrosis patients as well as for working capital and other general corporate purposes. The private placement is expected to close on or about April 11, 2022.

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Trevi Therapeutics stock slides on $55M private securities offering