Melinta Therapeutics Announces Pricing of Public Offering of Common Stock

Melinta Therapeutics (NASDAQ:MLNT), a commercial-stage company discovering, developing and commercializing novel antibiotics to treat serious bacterial infections, today announced the pricing of an underwritten public offering of 22,000,000 shares of its common stock at $5.00 per share, before underwriting discounts and commissions.

As quoted in the press release:

The size of the offering was upsized from $75,000,000 to $110,000,000.  In addition, the underwriters have a 30-day option to purchase up to an additional 2,640,000 shares of common stock from Melinta on the same terms and conditions.

The offering is expected to close on May 29, 2018, subject to customary closing conditions.

Melinta intends to use the net proceeds from the sale of its shares of common stock for general corporate purposes, including to invest in our industry leading portfolio of antibiotics, including potential expansion of our field sales force to drive growth; invest in our supply chain to optimize manufacturing processes and improve cost of goods; fund future milestone obligations primarily related to receipt of approval of Vabomere^™(meropenem and vaborbactam) for European commercialization and payments to The Medicines Company as part of the infectious disease business acquisition; capitalize on potential business development opportunities; and fund working capital.

Click here to read the full press release.