UroGen (from NASDAQ Facebook page)
UroGen, an Israeli medtech firm developing new cancer treatments, expects to raise $120 million in new capital after the receipt of positive results from two clinical trials of its second product UGN-102 for the treatment of bladder cancer. The funds will come from a private placement to selected institutional and accredited investors led by RA Capital Management L.P. and Great Point Partners LLC led the Private Placement.
The company’s shares jumped 25% on the NASDAQ Friday afternoon after EuroGen revealed announced positive phase 3 trial news for a bladder cancer therapy.
UroGen will issue 12,579,156 ordinary shares, or pre-funded warrants in lieu thereof, at a purchase price of $9.54 per share (less $0.001 for each pre-funded warrant), which reflects a premium to the closing price on July 26, 2023. Each pre-funded warrant has an exercise price of $0.001 per share and does not expire until exercised in full. The Private Placement is expected to close on or about July 28, 2023 subject to the satisfaction of customary closing conditions.
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UroGen intends to use the net proceeds of the Private Placement for non-clinical and clinical development activities for its product candidates, commercialization expense and general corporate purposes.
Founded in 2004, Urogen is a biotech company developing and commercializing innovative solutions that treat urothelial and specialty cancers because patients deserve better options. UroGen has developed RTGel® reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based platform technology that has the potential to improve therapeutic profiles of existing drugs. UroGen’s sustained release technology is designed to enable longer exposure of the urinary tract tissue to medications, making local therapy a potentially more effective treatment option. JELMYTO® (mitomycin) for pyelocalyceal solution and investigational treatment UGN-102 (mitomycin) for intravesical solution for patients with low-grade non-muscle invasive bladder cancer are designed to ablate tumors by non-surgical means.
UroGen CEO Liz Barrett told Israeli publication “Globes,”Our product is intended for patients with low grade intermediate risk bladder cancer that today is treated by surgery. But the worse the patient’s condition is, the more likely the cancer is to reoccur. More than half the patients suffer from two or more recurrences, while about 25% suffer from 5 or more recurrences. Some of these patients are older and cannot have so much surgery even if they are minimally invasive.”
