BioCryst Plans to Raise $100 Million
On the cusp of launching berotralstat as a treatment for hereditary angioedema in the U.S. and EU, BioCryst Pharmaceuticals (NASDAQ: BCRX) is planning to sell $100 million of stock in a secondary offering. The underwriters will have a 30-day option to purchase another $15 million, so the biotech could potentially gross $115 million in the offering.
BioCryst ended the first quarter with $115 million in the bank, having burned through $23 million during the first quarter, so the capital raise shouldn't come as much of a surprise, although it could have waited until later in the year to do it.
Of course, with shares up 142% since BioCryst announced last month that it was testing its antiviral medication galidesivir in patients with COVID-19, now seems like as good a time as any to grab some additional cash.
Source Fool.com
