Liquidia announces raise of $67.5M from common stock financings

Liquidia announced the pricing of an underwritten public offering and a concurrent private placement, with anticipated total gross proceeds of approximately $67.5 million, before deducting underwriting discounts and commissions, and expenses. The Company offered 6,460,674 shares of common stock in the public offering at a price of $8.90 per share. In addition, Liquidia entered into a common stock purchase agreement with funds managed by Caligan Partners LP for the sale of 1,123,595 shares of common stock at a purchase price of $8.90 per share in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. The closing of the public offering is not conditioned upon the closing of the private placement, but the closing of the private placement is conditioned upon the closing of the public offering. The public offering and concurrent private placement are expected to close on September 12, 2024, subject to other customary closing conditions. BofA Securities acted as the sole book-running manager for the public offering, LifeSci Capital acted as lead manager for the public offering and Needham & Company as co-manager for the public offering. Liquidia also announced that the Company has entered into a fifth amendment to the Revenue Interest Financing Agreement with HealthCare Royalty to fund an additional $32.5 million, subject to certain closing conditions including the funding condition, With this amendment, HCRx will have invested the full $100 million in non-dilutive capital as originally contemplated under the RIFA entered in January 2023. The Fifth Amendment proceeds, together with the public offering and concurrent private placement proceeds aggregate to total gross proceeds of approximately $100 million before deducting applicable underwriting discounts, commissions, and expenses. Net proceeds from the public offering, the concurrent private placement and the Fifth Amendment are expected to fund ongoing commercial development of YUTREPIA inhalation powder for the potential treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease, continued development of YUTREPIA in other clinical trials, including but not limited to trials for pediatric patients and trials further evaluating the use of YUTREPIA in WHO Group 1 and WHO Group 3 patients, clinical development of L606 and for general corporate purposes.