IRVING, Texas, July 26, 2017 (GLOBE NEWSWIRE) -- Reata Pharmaceuticals, Inc. (Nasdaq:RETA), a clinical-stage biopharmaceutical company, today announced the pricing of an underwritten public offering of 3,250,000 shares of its Class A common stock at a price to the public of $31.00 per share. The gross proceeds to Reata from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $100,750,000. In addition, Reata has granted the underwriters a 30-day option to purchase up to an additional 487,500 shares of Reata’s Class A common stock on the same terms and conditions. The offering is expected to close on August 1, 2017, subject to customary closing conditions.
Jefferies LLC, Leerink Partners LLC and Stifel, Nicolaus & Company, Incorporated are acting as the joint book-running managers for the offering. Robert W. Baird & Co., Incorporated and Ladenburg Thalmann & Co. Inc. are acting as co-managers for the offering.
Reata intends to use the net proceeds from the offering for working capital and general corporate purposes, which include, but are not limited to, advancing the development of bardoxolone methyl through a Phase 2/3 program in CKD caused by Alport syndrome, Phase 2 programs in additional renal indications, and Phase 2 programs in PH-ILD and the development of omaveloxolone in Friedreich’s ataxia and mitochondrial myopathies.
About Reata Pharmaceuticals, Inc.
Reata is a clinical-stage biopharmaceutical company that develops novel therapeutics for patients with serious or life-threatening diseases by targeting molecular pathways involved in the regulation of cellular metabolism and inflammation. Reata’s two most advanced clinical candidates (bardoxolone methyl and omaveloxolone) target the important transcription factor Nrf2 to restore mitochondrial function, reduce oxidative stress, and resolve inflammation.