Melinta Therapeutics Inc. priced and upsized its previously announced offering, now looking to raise $110 million instead of $75 million.
The company will now sell 22 million shares priced at $5 each in an offering that is expected to close May 29.
J.P. Morgan and Jefferies are acting as joint book runners for the offering, with Cantor Fitzgerald & Co. serving as the lead manager.
The underwriters have a 30-day option to buy up to an additional 2,640,000 common shares from the company.
Melinta Therapeutics plans to use net proceeds for general corporate purposes, supply chain investment, future milestone payments related to Vabomere's approval in Europe, payments to The Medicines Co. for its infectious disease unit, potential business development opportunities and working capital.
New Haven, Conn.-based Melinta Therapeutics develops and sells antibiotics to treat serious bacterial infections.
