PLANO, Texas, Nov. 18, 2019 (GLOBE NEWSWIRE) -- Reata Pharmaceuticals, Inc. (Nasdaq: RETA), a clinical-stage biopharmaceutical company, today announced the closing of its previously announced underwritten public offering of 2,760,000 shares of its Class A common stock, which included 360,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares, at a price to the public of $183.00 per share. The gross proceeds to Reata from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately $505.1 million.
Citigroup, Jefferies, SVB Leerink and Stifel acted as the joint book-running managers for the offering. Baird, Cantor and Ladenburg Thalmann acted as the co-managers for the offering.
Reata intends to use the net proceeds from the offering for working capital and general corporate purposes, which include, but are not limited to, advancing the development of bardoxolone methyl and omaveloxolone through clinical trials, preparing to file New Drug Applications for bardoxolone for the treatment of patients with Alport syndrome and omaveloxolone for the treatment of patients with Friedreich’s ataxia, planning for commercialization of its potential products, and making payments due under our agreement with AbbVie Inc.
About Reata Pharmaceuticals, Inc.
Reata is a clinical-stage biopharmaceutical company that develops novel therapeutics for patients with serious or life-threatening diseases by targeting molecular pathways involved in the regulation of cellular metabolism and inflammation. Reata’s two most advanced clinical candidates, bardoxolone methyl (bardoxolone) and omaveloxolone, target the important transcription factor Nrf2 that promotes the resolution of inflammation by restoring mitochondrial function, reducing oxidative stress, and inhibiting pro-inflammatory signaling. Bardoxolone and omaveloxolone are investigational drugs, and their safety and efficacy have not been established by any agency.
