New Haven-based biopharmaceutical company Trevi Therapeutics Inc. raised more than $173 million in a public stock offering that closed earlier this week, the company said.
New Haven-based biopharmaceutical company Trevi Therapeutics Inc. raised more than $173 million in a public stock offering that closed earlier this week, the company said.
The proceeds will provide the clinical-stage drug developer with additional capital as it advances its therapy for chronic cough.
Trevi sold 13.34 million shares of its common stock at $13 each, including 1.74 million shares issued after underwriters exercised in full their option to purchase additional stock.
The gross proceeds totaled $173.4 million before underwriting discounts, commissions and other expenses, the company said.
Trevi is developing Haduvio, an oral therapy designed to treat chronic cough in patients with conditions including idiopathic pulmonary fibrosis and other lung diseases, as well as refractory chronic cough. It is the only drug in Trevi’s pipeline.
Haduvio has not yet been approved by federal regulators.
The fundraising comes as Trevi continues clinical development of the therapy, targeting a condition with limited treatment options for patients suffering from a persistent, often debilitating cough.
