Iterum Therapeutics Presses Capital Raise Button To Support Potential Sulopenem Launch Activities

Iterum Therapeutics plc (NASDAQ: ITRM) enters into agreements with several institutional investors to purchase and sell 17.5 million shares at $2 per share in a registered direct offering, raising $35 million in gross proceeds. The offer price is at a 12% discount from the last close price of $2.27 on Tuesday.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering, which is expected to close by February 12.
ITRM plans to use the net proceeds to support the ongoing review of its FDA sulopenem marketing application to treat uncomplicated urinary tract infections in patients with a quinolone non-susceptible pathogen. The company will also use the proceeds for pre-commercialization and potential launch activities, clinical development of sulopenem in additional indications, and working capital and general corporate purposes.
Last month, FDA accepted Iterum's application for oral sulopenem with the agency's goal date set at July 25.
Price Action: ITRM slipped 5.3% at $2.15 during the premarket session on the last check Wednesday.