Protara closes $75 million public offering at $5.75 per share

Protara Therapeutics Inc. (NASDAQ: TARA) completed an underwritten public offering of 13,043,479 shares of common stock at $5.75 per share, generating approximately $75 million in gross proceeds before deducting underwriting discounts and commissions.

The clinical-stage company, which develops therapies for cancer and rare diseases, also granted underwriters a 30-day option to purchase up to an additional 1,956,521 shares at the same price, less underwriting discounts and commissions.

Protara plans to use the net proceeds to fund clinical development of TARA-002 and other clinical programs. The company may also allocate funds for working capital and general corporate purposes.

J.P. Morgan, TD Cowen and Piper Sandler served as joint book-running managers for the offering. LifeSci Capital acted as lead manager, while H.C. Wainwright & Co. served as manager.

The shares were issued under an effective shelf registration statement on Form S-3 that the Securities and Exchange Commission declared effective on November 14, 2023.

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