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Tetraphase Pharmaceuticals Inc Announces Proposed Offering of Common Stock

Monday, 4 Nov 2013 06:30am EST 

Tetraphase Pharmaceuticals Inc announced that it has commenced an underwritten public offering of 3,300,000 shares of its common stock. All of the shares of the common stock to be sold in the offering will be offered by Tetraphase. Tetraphase intends to use the net proceeds of the offering to fund the ongoing clinical development of eravacycline, including the potential submission of a new drug application for eravacycline with the FDA, and for working capital and other general corporate purposes. BMO Capital Markets and Stifel are acting as joint book-running managers. Guggenheim Securities, JMP Securities, and Needham & Company are acting as co-managers. Tetraphase intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares sold in the offering, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. 

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