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Biotech / Medical : Female Health FHCO
VERU 2.965-1.5%Oct 31 9:30 AM EST
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From: Savant2/18/2021 3:13:01 PM
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Veru Inc (NASDAQ: VERU) priced its underwritten public offering of 6.5 million shares at $15.50 per share, with gross proceeds of approximately $100 million. Underwriters have an option to purchase up to an additional 967,741 shares.The offer price represents a discount of 10% from the last close price of $17.21 on Wednesday.Jefferies is acting as the sole book-running manager for the offering, expected to close by February 22.Veru plans to use the net proceeds for R& D activities, clinical trials, regulatory and sales and marketing expenditures, working capital, and other general corporate purposes.Earlier this month, Veru reported positive efficacy and safety results from a Phase 2 trial evaluating VERU-111 versus placebo in hospitalized patients at high risk for Acute Respiratory Distress Syndrome from SARS-CoV-2.In December, the company announced data from Phase 2 study of recently in-licensed enobosarm in AR+/ER+/HER2- metastatic breast cancer and who have developed resistance to estrogen receptor-targeted endocrine therapies and chemotherapy. Enobosarm demonstrated a clinically meaningful six-month clinical benefit rate of 35.3% and had a good safety profile with no reports of virilization, increased hematocrit, or liver toxicity.
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