SteadyMed (NSDQ:STDY) said today that 1 of its largest institutional shareholders exercised warrants to purchase additional shares of the company that the investor got in conjunction with the 1st tranche of a previous private placement.
Thanks to the exercise, San Ramon, Calif.-based SteadyMed received an additional $5 million in proceeds.
The company said it is slated to submit a new drug application for its pulmonary arterial hypertension treatment, Trevyent, in the 2nd quarter of this year.
“This additional capital, which follows the successful completion of a $30 million private placement in April, provides us with greater financial resources as we increase our pre-commercial and manufacturing initiatives to support an impactful launch of Trevyent, subject to FDA approval, in mid-2018,” president & CEO Jonathan Rigby said in prepared remarks. “These are exciting times for SteadyMed, and the exercise of these warrants represents an important vote of confidence from one of our largest healthcare-focused institutional investors. We are confident that Trevyent, if approved, will take a meaningful share of the PAH market and our growing body of high quality, diligent investors who support our vision, is a testament to that.”
STDY shares were trading at $7.10 apiece in morning activity today, up 1.4%.
