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DUBLIN and CHICAGO - Iterum Therapeutics plc (NASDAQ:ITRM), a pharmaceutical company dedicated to combating multi-drug resistant infections, has announced a registered direct offering to a single institutional investor for the sale of over 5.5 million shares. The offering price of $0.90 per share represents a 28.6% discount to the current trading price of $1.26. With a market capitalization of $43.57 million and a beta of 2.88 indicating high volatility, the transaction is expected to close on or about April 30, 2025, contingent upon customary closing conditions.
The company anticipates gross proceeds of approximately $5 million before deducting fees and expenses related to the offering. H.C. Wainwright & Co. is serving as the exclusive placement agent for this transaction.
Iterum Therapeutics plans to allocate the net proceeds towards working capital and general corporate purposes, which may include funding its ongoing strategic process and pre-commercialization activities. If the strategic process does not culminate in a transaction, the funds will support pre-commercialization and commercialization efforts for ORLYNVAH™, the company’s approved treatment for uncomplicated urinary tract infections in adult women, and other corporate needs.
The securities are being offered pursuant to a shelf registration statement on Form S-3, filed with the Securities and Exchange Commission (SEC) on October 7, 2022, and declared effective on October 17, 2022. The offering is made only by means of a prospectus and related prospectus supplement, which will be filed with the SEC and available on their website.
Iterum Therapeutics is advancing the development of sulopenem, a novel anti-infective compound with both oral and IV formulations, targeting a range of bacteria resistant to other antibiotics. The company has received FDA approval for ORLYNVAH™ for certain urinary tract infections and has been granted Qualified Infectious Disease Product and Fast Track designations for sulopenem in seven indications. Based on InvestingPro’s Fair Value analysis, the stock appears overvalued at current levels, though investors should note the company maintains a current ratio of 1.41, indicating adequate short-term liquidity. A comprehensive analysis of ITRM’s valuation and growth prospects is available in the exclusive Pro Research Report, part of the in-depth coverage available for over 1,400 US stocks.
This press release contains forward-looking statements and is based on a press release statement from Iterum Therapeutics. It does not constitute an offer to sell or a solicitation of an offer to buy any securities. The completion of the offering is subject to various factors, including the satisfaction of customary closing conditions.
In other recent news, Iterum Therapeutics reported its fourth-quarter 2024 financial results, revealing a narrower-than-expected loss. The company posted an actual EPS of -0.12, surpassing the forecasted EPS of -0.22. This positive financial outcome reflects improved cost management and strategic focus, as highlighted in their recent earnings call. Additionally, Iterum Therapeutics recently faced a regulatory compliance issue with the Nasdaq Stock Market due to the resignation of Ronald Hunt from the Board of Directors. The company needs to address this compliance issue to maintain its listing. Furthermore, Iterum announced the appointment of Joseph J. Whalen to its Board of Directors, filling the vacancy left by Hunt. Whalen brings over three decades of experience in the biopharmaceutical sector. Lastly, the company continues to focus on maximizing the value of its FDA-approved oral antibiotic, Orlynypa, through potential partnerships and commercialization strategies.
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