Tourmaline Bio Secures $172.5M from Share Offering

Tourmaline Bio (TRML) has released an update.

Tourmaline Bio, Inc. entered into an underwriting agreement with several underwriters for the sale of 4,615,384 shares at $32.50 each, with an additional option for 692,307 shares, which the underwriters exercised in full. The offering, expected to close on January 29, 2024, should yield approximately $172.5 million in gross proceeds, or about $161.4 million net after expenses. The proceeds will fund clinical development and general corporate purposes. The offering includes customary terms and an opinion on the shares’ validity from Cooley LLP.

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