Phathom Pharmaceuticals Announces Closing of Underwriters’ Option to Purchase Additional Shares in Connection with Public Offering of Common Stock
June 09 2023 - 4:01PM
Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical
company focused on developing and commercializing novel treatments
for gastrointestinal diseases, announced today the closing of the
sale of an additional 1,668,750 shares of common stock at a public
offering price of $11.75 per share pursuant to the exercise in full
of the underwriters’ option to purchase additional shares in
connection with Phathom’s recently completed public offering. After
giving effect to the sale of these additional shares, the total
gross proceeds to Phathom from the offering were approximately
$150.3 million, before deducting the underwriting discounts and
commissions and other offering expenses.
Phathom intends to use the net proceeds from the offering to
fund the clinical development of vonoprazan, pre-commercial
activities and commercialization expenses and for working capital
and general corporate purposes.
Jefferies and Evercore ISI acted as joint bookrunning managers
for the offering. Needham & Company acted as lead manager for
the offering.
The securities described above were offered by Phathom pursuant
to a shelf registration statement previously filed and declared
effective by the Securities and Exchange Commission (SEC). A final
prospectus supplement relating to the offering has been filed with
the SEC. Copies of the final prospectus supplement and the
accompanying prospectus relating to the offering may be obtained
from: Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, New York, NY 10022, by telephone at
(877) 821-7388 or by email at prospectus_department@jefferies.com;
or from Evercore Group L.L.C., Attention: Equity Capital Markets,
55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone
at (888) 474-0200 or by email at ecm.prospectus@evercore.com.
Electronic copies of the final prospectus supplement and
accompanying prospectus were filed with the SEC and are available
on the website of the SEC at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Phathom PharmaceuticalsPhathom
Pharmaceuticals is a biopharmaceutical company focused on the
development and commercialization of novel treatments for
gastrointestinal diseases. Phathom has in-licensed the exclusive
rights in the United States, Europe, and Canada to vonoprazan, a
first-in-class potassium-competitive acid blocker (PCAB).
Forward-Looking StatementsPhathom cautions you
that statements contained in this press release regarding matters
that are not historical facts are forward-looking statements. These
statements are based on the company’s current beliefs and
expectations. Such forward-looking statements include, but are not
limited to, statements relating to Phathom’s anticipated use of
proceeds from the offering. The inclusion of forward-looking
statements should not be regarded as a representation by Phathom
that any of its plans will be achieved. Actual results may differ
from those set forth in this press release due to the risks and
uncertainties inherent in Phathom’s business, including, without
limitation: the risks and uncertainties inherent in Phathom’s
business, including potential delays in the commencement,
enrollment and completion of clinical trials; Phathom’s dependence
on third parties in connection with product manufacturing, research
and preclinical and clinical testing; regulatory developments in
the United States and foreign countries; unexpected adverse side
effects or inadequate efficacy of vonoprazan that may limit its
development, regulatory approval and/or commercialization, or may
result in recalls or product liability claims; and the other risks
described in the Company’s prior press releases and the Company’s
filings with the Securities and Exchange Commission (SEC),
including under the heading “Risk Factors” in the Company’s Annual
Report on Form 10-K and any subsequent filings with the SEC. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and Phathom
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
CONTACTS
Media Contact:Nick
Benedetto1-877-742-8466media@phathompharma.com
Investor Contact:Eric
Sciorilli1-877-742-8466ir@phathompharma.com
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