Pharvaris announces $70M private placement

Pharvaris announced that it has entered into a subscription agreement relating to the offer and sale of an aggregate of 6,951,340 ordinary shares of the company, par value EUR0.12 per share, in a private placement to a group of institutional investors, led by General Atlantic and venBio Partners with participation from Bain Capital Life Sciences, Foresite Capital, and Venrock Healthcare Capital Partners, at an offering price of $10.07 per share, for gross proceeds of approximately $70M before deducting any offering-related expenses. The offering is expected to close on or about June 21, subject to customary closing conditions. Pharvaris intends to use the net proceeds from the offering to fund research and development and product discovery expenses, and for working capital and general corporate purposes.