Shares of Pharvaris N.V. (NASDAQ:PHVS) declined by 9.6% after the clinical-stage biopharmaceutical firm announced the pricing of a public stock offering aimed at raising approximately $175 million in gross proceeds.
The offering includes 8.25 million ordinary shares priced at $20.00 each, along with pre-funded warrants for the purchase of 500,000 shares at $19.99 apiece, issued to a single investor. Underwriters have also been granted a 30-day option to acquire up to an additional 1.31 million shares at the offering price.
The transaction is being managed by Morgan Stanley, Leerink Partners, Cantor, Oppenheimer & Co., and Van Lanschot Kempen, all serving as joint book-runners. The offering is expected to close on or around July 24, 2025, pending standard closing conditions.
Pharvaris is focused on advancing treatments for bradykinin-driven conditions such as hereditary and acquired angioedema. Its lead drug candidate, deucrictibant, is currently in two Phase 3 trials: CHAPTER-3, targeting preventative treatment, and RAPIDe-3, aimed at on-demand relief during angioedema attacks.
The shares and warrants are being offered under an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission.
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