Applied Therapeutics, Inc. (NASDAQ: APLT) announced a major agreement to sell over 9.7 million shares of the company’s common stock, as well as pre-funded warrants for 22 million shares, for a total of approximately $30 million.
The private placement was led by new investor Venrock Healthcare Capital Partners and is expected to bring in gross proceeds to the company before deducting fees and other expenses. This news marks a major milestone for the company, as they develop a pipeline of novel drug candidates to target high unmet medical needs.
The Company is pleased to announce that it is expecting to close its Private Placement on or around April 26, 2023, pending the satisfaction of customary closing conditions. Further details of the Private Placement will be included in a Form 8-K to be filed with the Securities and Exchange Commission. This investment opportunity provides a great chance to contribute to the growth and success of the Company.
The Company is delighted to announce the completion of a Private Placement to fund research and development and registration of its pipeline candidates, as well as for working capital and general corporate purposes. The proceeds of the Private Placement, together with current cash and potential milestones from the Advanz European licensing partnership, are expected to power the business through 2024.
The transaction was made possible with the help of SVB Securities and UBS Investment Bank, who acted as placement agents. Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel for the Company, ensuring the successful completion of the transaction.
The Company is offering a Private Placement of securities that have not been registered under the Securities Act of 1933, as amended, or state securities laws. As such, they may not be offered or sold in the United States without registration with the SEC or an applicable exemption from such registration requirements. In order to facilitate the resale of these securities, the Company has agreed to file a registration statement with the SEC.
Investors, take note! We are pleased to announce that we are offering securities for sale, and we invite you to take advantage of this exciting opportunity. Our securities are available for purchase in any jurisdiction that allows for the registration or qualification of such securities under applicable securities laws. Don’t miss out – join us and take part in this exciting opportunity!
About Applied Therapeutics
Applied Therapeutics is a pioneering clinical-stage biopharmaceutical company on a mission to develop novel drug candidates to treat conditions of high unmet medical need. Their lead drug candidate, AT-007 (govorestat), is a central nervous system penetrant Aldose Reductase Inhibitor (ARI) designed to treat rare metabolic diseases such as Galactosemia, SORD Deficiency, and PMM2-CDG.
Additionally, AT-001 is a potent ARI being developed to treat Diabetic Cardiomyopathy, a fatal fibrosis of the heart. As if that weren’t enough, Applied Therapeutics is also working on AT-003, an ARI designed to cross through the back of the eye when taken orally to treat Diabetic Retinopathy.