Protara Therapeutics launches $75 million public stock offering

Protara Therapeutics Inc. (NASDAQ: TARA) announced it has commenced an underwritten public offering of $75 million in common stock or pre-funded warrants to purchase common stock. The clinical-stage company develops therapies for cancer and rare diseases.

The offering includes a 30-day option for underwriters to purchase additional shares at the public offering price, minus underwriting discounts and commissions. J.P. Morgan, TD Cowen and Piper Sandler serve as joint book-running managers for the proposed offering.

Protara plans to use net proceeds to fund clinical development of TARA-002 and other clinical programs. The company may also allocate funds for working capital and general corporate purposes.

The shares and warrants will be issued under a shelf registration statement on Form S-3 that became effective on November 14, 2023, with the Securities and Exchange Commission. The offering is subject to market conditions and completion is not guaranteed.

A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and made available on the commission's website. The final terms will be disclosed in a final prospectus supplement to be filed with the SEC.

The company noted that the press release does not constitute an offer to sell securities and emphasized that forward-looking statements regarding the offering's timing, size and completion involve substantial risks and uncertainties.

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