Tricida Inc. plans to raise $150 million with the sale of its common shares in an IPO.
The company has also granted underwriters an option to buy its shares in the offering.
California-based Tricida has applied to list its common stock on the Nasdaq Global Select Market under the symbol TCDA.
The biopharmaceutical company plans to use the net proceeds from the offering to fund its activities for the new drug application submission and approval, along with marketing and manufacturing activities, related to its drug candidate TRC101 to treat metabolic acidosis, a condition in which the body produces excessive quantities of acid or the kidneys do not remove enough acid from the body.
Funds from the offering will also be used for TRC101's safety extension trial, named TRCA-301E, and the initiation of a postmarketing trial known as the VALOR-CKD trial, or TRCA-303.
In addition, Tricida will use the proceeds for interest payments under a loan and security agreement. Any remaining proceeds will be used for working capital and general corporate purposes.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Cowen and Co. LLC will act as underwriters for the offering.
