U.S. clinical-stage biopharmaceutical company resTORbio has completed its underwritten public offering of 7.2 million shares of its common stock at a price of $6.95 per share.
The company also granted the underwriters a 30-day option to buy up to an additional 1 million shares of common stock at the public offering price, less underwriting discounts and commissions.
The gross proceeds secured in the offering are around $50 million, excluding any exercise of the underwriters’ option to buy additional shares.
U.S. investment banks BofA Merrill Lynch, SVB Leerink and Guggenheim Securities acted as joint book-running managers for the deal.