BUZZ-Atrium Therapeutics shares surge after completing $50 million equity financing

October 8 - ** Cardiac drug developer Atrium Therapeutics (RNA.O) saw its share price rise 11.3% to $8.83 in pre-market trading on Thursday, after the company successfully completed a $50 million fundraising round.

** The biopharmaceutical company said it had agreed (link) to sell approximately 6.3 million shares of stock and pre-funded warrants to institutional investors via a private placement at $7.93 per share.

** RNA’s share price closed down 0.8% at $7.93 on Wednesday, with a cumulative decline of around 44% over the past month.

** The company plans to use the net proceeds from the fundraising for R&D of its two key candidate products, as well as other research projects and related uses.

** The company expects that the proceeds from this fundraising, together with existing cash and investments, will be sufficient to fund operations through 2028.

** Leerink served as the lead placement agent on this offering, with Cantor Fitzgerald, Barclays, and Wells Fargo participating.

** Based in San Diego, California, Atrium has entered into collaboration agreements with Bristol Myers Squibb BMY.N and Eli Lilly LLY.N, and has about 17.1 million shares outstanding.

** Atrium began public trading on February 27 (link), having been spun off from Avidity Biosciences (link), which has since been acquired by Swiss pharmaceutical company Novartis NOVN.S.

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