Atara looks to add $36M to its runway via direct offering
Thousand Oaks-based Atara Biotherapeutics announced that it will be hosting a $36 million registered direct offering.
The gross proceeds to Atara from the offering are expected to be $36 million, before deducting estimated offering expenses payable by Atara. Atara currently intends to use the net proceeds from the offering for working capital and general corporate purposes, according to a press release.
Announced Sept. 3, Atara entered into definitive agreements for the issuance and sale of 758,900 shares of its common stock at a purchase price of $8.25 per share and the issuance and sale of pre-funded warrants to purchase up to 3,604,780 shares of its common stock at a purchase price of $8.2499 per share in a registered direct offering, representing a premium of 15% to Atara’s 7-day volume-weighted average price, to entities affiliated with Redmile Group, EcoR1 Capital, and Adiumentum Capital Management, as well as a strategic investment from a large public biotechnology company.
The offering closed on Sept. 5.
Moreover, Greg Ciongoli, founder and managing partner of Adiumentum Capital Management, joined Atara’s board of directors in conjunction with the direct offering.
“Atara’s innovative cell therapies, like tab-cel and its differentiated allogeneic CAR-T portfolio, have the potential to transform the lives of cancer and autoimmune patients,” Ciongoli said in a press release.
“With the prospective U.S. approval for tab-cel and several anticipated CAR-T data readouts all approaching, this is an exciting time to join Atara’s Board and to partner with its strong leadership team.”
