Applied Therapeutics, Inc. (APLT) saw their stocks surge over 40 percent this Wednesday after the biopharmaceutical company announced a private placement worth $100 million.
The company plans to use the proceeds from the offer to finance commercial activities for govorestat, develop pipeline candidates, and for general corporate usage. With the net proceeds from the private placement, combined with existing cash and cash equivalents, the company's cash runway is projected to extend into 2026.
Applied Therapeutics also revealed it has signed a definitive purchase agreement for the sale of about 12.3 million shares at $7.00 per share, in addition to 2 million pre-funded warrants to purchase shares at just under $7.00 per share, in a private placement. This agreement is expected to be fulfilled by March 1.
Currently, APLT stocks are valued at $7.90, having reached a new high of $9.39 this morning.
