TFF Pharmaceuticals Inc. 's common stock was approved for listing on the Nasdaq Capital Market and will begin trading under the TFFP symbol on Oct. 25.
The Austin, Texas-based biopharmaceutical company priced its IPO of 4.4 million common shares on the stock exchange at $5 per share. TFF also granted the underwriter a 45-day option to buy an additional 660,000 common stock at the same price.
Gross proceeds from the IPO are expected to be about $22 million.
The company plans to use net proceeds to advance the development of TFF Vori, an inhaled dry powder drug for the treatment of pulmonary diseases, and TFF Tac-Lac — an inhaled dry powder version of immunosuppressive drug Prograf. Proceeds will also be used for general working capital.
The offering is expected to close on Oct. 29.
National Securities Corp. is acting as the sole underwriter for the offering while The Liquid Venture Partners group at National Securities Corp. was responsible for sourcing and executing the IPO.