Catabasis Pharmaceuticals, Inc., a clinical-stage pharmaceutical company, announced the closing of an underwritten offering of 2,875,000 shares of its common stock, including 375,000 shares purchased by the underwriter pursuant to the exercise in full of its option to purchase additional shares, at a price of $4 per share. Catabasis received gross proceeds of $11.5 million, before deducting underwriting discounts and commissions and other offering expenses.
Catabasis intends to use the net proceeds from the sale of the offered securities to fund its ongoing and planned clinical trials of edasalonexent (CAT-1004), to fund market development activities for edasalonexent, to fund research and development to advance its pipeline of preclinical product candidates and expand its product platform, and for working capital and general corporate purposes.
The WilmerHale deal team was led by Partner Rosemary Reilly and included Counsel Jeffries Oliver-Li, Associate Timothy Kulis, and Attorney Heidi Treiber.
Read Catabasis' press release for more information.