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ResTORbio closes $50M common stock offering

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ResTORbio closes $50M common stock offering

Biopharmaceutical company resTORbio Inc. closed its offering of 7.2 million common shares at $6.95 apiece with approximately $50 million in gross proceeds.

The company has granted the underwriters an option to buy up to an additional 1,080,000 shares. The proceeds exclude any exercise of the underwriters' option.

Bank of America Merrill Lynch, SVB Leerink and Guggenheim Securities served as joint book-running managers for the offering, while Wedbush PacGrow was co-manager.

Boston-based resTORbio focuses on the development and commercialization of novel therapeutics for the treatment of aging-related diseases.