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Applied Therapeutics plans stock offering to fund drug development

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Applied Therapeutics plans stock offering to fund drug development

Applied Therapeutics Inc. is planning a common stock offering to raise funds for the development of its drug pipeline.

The New York-based biopharmaceutical company plans to offer 1,750,000 common shares and expects to grant underwriters an overallotment option to purchase up to an additional 262,500 shares.

Funds raised will help the company advance the development of AT-007, AT-001 and AT-003 — each of which is meant to treat complications arising from diabetes.

Goldman Sachs & Co. LLC, Cowen and UBS Investment Bank are joint book-running managers for the offering.