Terns Pharmaceuticals Announces Public Offering Following Positive Data on Weight-Loss Drug
September 11, 2024 at 11:49 am - by Editor Prism MarketView
Terns Pharmaceuticals (Nasdaq: TERN) has announced an upsized public offering of 11.9 million shares of common stock at $10.50 per share, with expected gross proceeds of approximately $150.15 million. This announcement follows positive results from the company’s Phase 1 trial of its oral weight-loss drug, TERN-601, which demonstrated statistically significant weight loss and was well tolerated by patients.
Key Highlights:
- Upsized Offering: Terns is offering 11.9 million shares at $10.50 per share, with gross proceeds expected to be around $150 million.
- Positive Trial Results: TERN-601, an oral weight-loss drug, achieved up to 5.5% weight loss over 28 days, positioning it as a strong competitor in the weight-loss market.
- Next Steps: Terns plans to use the proceeds to advance its pipeline, including TERN-601 and TERN-701, its treatment for chronic myeloid leukemia.
- Phase 2 Trials: TERN-601 will enter Phase 2 clinical trials in 2025, with more data expected at upcoming scientific conferences.
The offering is expected to close on September 12, 2024, subject to customary conditions.
