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TG Therapeutics to raise $50M from stock offering to institutional investor

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TG Therapeutics to raise $50M from stock offering to institutional investor

TG Therapeutics Inc. will raise about $50 million in gross proceeds from a public offering of its common stock to a single institutional investor.

The New York-based biopharmaceutical company agreed to sell about 5.4 million shares at $9.20 apiece to an undisclosed institutional investor with a biotechnology focus.

TG Therapeutics intends to use the proceeds from this offering for research and development, including development and commercialization of its lead drug candidates, ublituximab and umbralisib, and for general corporate purposes.

Gross proceeds from the offering will help the company end the year with about $140 million in cash and cash equivalents, said CEO Michael Weiss.

The offering is scheduled to close Dec. 23.

TG Therapeutics' umbralisib, which has received orphan drug and breakthrough therapy designations from the U.S. Food and Drug Administration, treats a type of blood cancer, while ublituximab treats multiple sclerosis.

In March, the company announced a stock offering and debt financing totaling $85 million to fund ongoing development of the two medicines.