TFF Pharmaceuticals, Inc. said it will offer 4.4 million shares for an upcoming listing on Nasdaq.
The Texas-based lung disease treatment manufacturer priced the offering at $5 per share and expects to raise about $19.3 million in net proceeds, after deducting all expenses, or $22.3 million if underwriters exercise their option in full to purchase additional shares.
TFF Pharmaceuticals said it will spend net proceeds on drug development and other corporate purposes.
It will use approximately $10.5 million to fund development and manufacturing of TFF Vori, an inhaled dry powder drug for the treatment of pulmonary diseases. The company will also spend about $14.9 million on TFF Tac-Lac, an inhaled dry powder version of immunosuppressive drug tacrolimus, or Prograf.
National Securities is lead underwriter of the offering.
