Protara Therapeutics Announces Proposed Concurrent Public Offerings of Common Stock and Preferred Stock
September 21 2020 - 4:01PM
Protara Therapeutics, Inc. (Nasdaq: TARA), a clinical-stage company
developing transformative therapies for the treatment of cancer and
rare diseases with significant unmet needs, today announced that it
intends to offer and sell shares of its common stock and Series 1
convertible preferred stock in two concurrent but separate
underwritten public offerings (together, the “Offerings”). The
Offerings are subject to market and other conditions, and there can
be no assurance as to whether or when the Offerings may be
completed, or the actual size or terms of the Offerings.
Cowen and Guggenheim Securities are acting as joint
book-running managers. Oppenheimer & Co. is acting as lead
manager for the Offerings, and H.C. Wainwright & Co. is acting
as co-manager for the Offerings. Protara expects to grant the
underwriters a 30-day option to purchase additional shares of
common stock in the proposed common stock offering of up to 15% of
the aggregate number of shares offered in the common stock
offering.
Protara intends to use the net proceeds from the
Offerings primarily for development activities associated with
TARA-002 in non-muscle invasive bladder cancer, lymphatic
malformations and potential exploration of additional indications,
and the remainder of the net proceeds for general corporate
purposes and working capital.
The securities described above are being offered by
Protara pursuant to an effective shelf registration statement on
Form S-3 filed with the Securities and Exchange Commission (“SEC”),
which became effective on May 26, 2020. A preliminary prospectus
supplement relating to each of the Offerings will be filed with the
SEC and will be available on the SEC’s website at
http://www.sec.gov. Copies of the preliminary and final prospectus
supplements relating to the Offerings may be obtained, when
available, by contacting Cowen at c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717,
Attention: Prospectus Department, by email at
PostSaleManualRequests@broadridge.com or by telephone at (833)
297-2926; or Guggenheim Securities at 330 Madison Avenue, New York,
NY 10017, Attention: Equity Syndicate Department, by telephone at
(212) 518-9544 or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Protara
Therapeutics, Inc.
Protara is committed to identifying and advancing
transformative therapies for people with cancer and rare diseases
with limited treatment options. Protara’s portfolio includes its
lead program, TARA-002, an investigational cell-based therapy being
developed for the treatment of non-muscle invasive bladder cancer
and lymphatic malformations, and IV Choline Chloride, an
investigational phospholipid substrate replacement therapy for the
treatment of intestinal failure-associated liver disease. For more
information, visit www.protaratx.com.
Forward-Looking Statements
Statements contained in this press release
regarding matters that are not historical facts are "forward
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Protara may, in some cases, use
terms such as “predicts,” “believes,” “potential,” “proposed,”
“continue,” “designed,” “estimates,” “anticipates,” “expects,”
“plans,” “intends,” “may,” “could,” “might,” “will,” “should” or
other words or expressions referencing future events, conditions or
circumstances that convey uncertainty of future events or outcomes
to identify these forward-looking statements. Such forward-looking
statements include but are not limited to, statements regarding
Protara’s intentions, beliefs, projections, outlook, analyses or
current expectations concerning, among other things: expectations
as to the completion, timing and use of proceeds relating to the
proposed Offerings, the satisfaction of customary closing
conditions related to the proposed Offerings and statements
regarding Protara’s business strategy. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that contribute to the uncertain nature of the
forward-looking statements include risks and uncertainties
associated with: market conditions and the satisfaction of
customary closing conditions related to the proposed Offerings;
Protara’s development programs, including the initiation and
completion of non-clinical studies and clinical trials and the
timing of required filings with the FDA and other regulatory
agencies; the impact of the COVID-19 pandemic on Protara’s
business, clinical supply chain, clinical trials and the global
economy; general market conditions; changes in the competitive
landscape; changes in Protara’s strategic and commercial plans;
Protara’s ability to obtain sufficient financing to fund its
strategic plans and commercialization efforts; the loss of key
members of management; and the risks and uncertainties associated
with Protara’s business and financial condition in general,
including the risks and uncertainties described more fully under
the caption "Risk Factors" and elsewhere in Protara's filings and
reports with the United States Securities and Exchange Commission,
including as set forth in the preliminary prospectus supplements
related to the proposed Offerings. All forward-looking statements
contained in this press release speak only as of the date on which
they were made and are based on management's assumptions and
estimates as of such date. Protara undertakes no obligation to
update any forward-looking statements, whether as a result of the
receipt of new information, the occurrence of future events or
otherwise, except as required by law.
Company Contact:
Blaine DavisProtara
TherapeuticsBlaine.Davis@protaratx.com 646-844-0337
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