$2.3 worse than I thought
Trevena Announces Pricing of $50 Million Public Offering of Common Stock
9:27 am ET August 12, 2020 (Globe Newswire) Print
Trevena, Inc. (Nasdaq: TRVN) ("Trevena" or the "Company"), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system ("CNS") disorders, announced today the pricing of its previously announced underwritten public offering of 21,739,131 shares of its common stock at a public offering price of $2.30 per share. Trevena has also granted the underwriters a 30-day option to purchase up to 3,260,869 additional shares of common stock, at the public offering price, less underwriting discounts and commissions. The gross proceeds of the offering are expected to be approximately $50 million, before deducting the underwriting discounts and commissions and other offering expenses. The closing of the offering is expected to occur on or about August 14, 2020, subject to the satisfaction of customary closing conditions.
Guggenheim Securities, LLC is acting as lead book-running manager for the offering. Cantor Fitzgerald & Co. is also acting as book-running manager for the offering. JMP Securities LLC and Oppenheimer & Co. Inc. are acting as co-lead managers for the offering. H.C. Wainwright & Co., LLC is also acting as co-manager for the offering.
Trevena intends to use the net proceeds from the offering primarily to fund the commercialization of OLINVYK, to support the clinical development of its pipelines assets and for working capital and general corporate purposes.
