BioCryst plans $100M stock offering
05/28/2014 11:53 AM
02/15/2015 11:23 AM
BioCryst Pharmaceuticals announced this week that it is planning to sell $100 million in stock in a public offering.
The proceeds are to be used for general corporate purposes and to fund the development of BCX4161, the Durham drug developer’s oral treatment for angioedema, a rare disease that results in swelling and painful welts.
BioCryst’s stock rose 11 percent on Tuesday after the company reported positive Phase 2 trial results for BCX4161.
BioCryst has no products on the U.S. market. It is also developing peramivir, an influenza treatment.
Earlier this month the company’s stock fell 14 percent after it reported another potential setback for peramivir.
A Food and Drug Administration inspection raised a "number of concerns" about the contract manufacturer that was to produce the treatment.
BioCryst’s stock sale is a so-called “shelf” registration process that allows the company to sell any combination of securities for a total sum of $100 million.
BioCryst’s shares, which opened at $9.99, were down about 20 cents in mid-day trading Wednesday.
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