Sustained Drug Release Company UroGen Aiming to Raise $150 Million on Nasdaq
Goldman Sachs & Co. LLC, JP Morgan, and Jefferies are the joint bookrunners for the offering
Nasdaq-listed UroGen Pharma Ltd., an Israel-based company developing a gel for the sustained release of drugs in the field of urology, has announced on Wednesday it aims to raise $150 million via public offering. Goldman Sachs & Co. LLC, JP Morgan, and Jefferies are the joint bookrunners, and Oppenheimer & Co. is lead manager for the offering.
For daily updates, subscribe to our newsletter by clicking here.The offering is intended to close on January 28.
UroGen was founded in Israel in 2004 under the name TheraCoat Ltd. and took on its current name in 2015, when it also set up an American subsidiary, UroGen Pharma Inc. The company listed on Nasdaq in May 2017. The company's executive headquarters are in Israeli central town Ra'anana, with additional headquarters in New York and offices in Los Angeles. Arie Belldegrun, the founder of cancer treatment company Kite Pharma which Gilead Sciences Inc. paid $11.9 billion for in 2017, is UroGen’s chairman of the board. In January, the company announced the appointment of Elizabeth (Liz) Barrett, formerly the head of Novartis’ oncology business, as CEO and president.
UroGen reported revenues of $1.12 million for the first nine months of 2018, down from $7.8 million for the same period in 2017, and a net loss of $51.9 million, compared to $9.9 million in 2017. In its prospectus, submitted to the U.S. Securities and Exchange Commission Tuesday, UroGen stated it intends to use the proceeds for working capital and general corporate purposes, which may include clinical development and commercialization of its products, as well as possible acquisitions and investments.
UroGen was down 14.41% on Nasdaq on Wednesday market close, trading at $45.93. The company priced its offering at $41 per share.