Athira Pharma Announces Pricing of Public Offering of Common Stock

Rhea-AI Summary

Athira Pharma has announced a public offering of 4,000,000 shares of common stock at a price of $22.50 per share, aiming to raise gross proceeds of $90 million. The offering is expected to close on January 25, 2021, pending standard closing conditions. Athira has also granted underwriters a 30-day option to purchase an additional 600,000 shares. The offering is being managed by Goldman Sachs, Jefferies, and Stifel, with a registration statement that became effective on January 20, 2021. The proceeds will support the company’s efforts in developing therapies for neurodegeneration.

Positive

• Gross proceeds expected to be $90 million from the offering.
• The funding will support the development of therapies for neurodegeneration.

Negative

• The offering could lead to shareholder dilution due to the increase in shares available.

BOTHELL, Wash., Jan. 20, 2021 (GLOBE NEWSWIRE) -- Athira Pharma, Inc., (Nasdaq: ATHA) (“Athira”), a late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and stop neurodegeneration, today announced the pricing of its underwritten public offering of 4,000,000 shares of its common stock at a public offering price of $22.50 per share. All of the shares of common stock are being offered by Athira. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Athira, are expected to be $90.0 million. The offering is expected to close on January 25, 2021, subject to satisfaction of customary closing conditions. In addition, Athira has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of its common stock at the public offering price less underwriting discounts and commissions.

Goldman Sachs & Co. LLC, Jefferies and Stifel are acting as joint book-running managers for the offering. JMP Securities is acting as co-manager.

A registration statement relating to the offering has been filed with the Securities and Exchange Commission and became effective on January 20, 2021. The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Investor & Media Contact:
Julie Rathbun
Julie.rathbun@athira.com
206-769-9219

FAQ

What is the size of Athira Pharma's public offering?

Athira Pharma's public offering is for 4,000,000 shares of common stock.

What is the offering price for Athira Pharma's shares?

The shares are being offered at a public price of $22.50 each.

When is the expected closing date for Athira Pharma's stock offering?

The offering is expected to close on January 25, 2021.

How much gross proceeds is Athira Pharma expecting from the stock offering?

Athira Pharma expects to raise gross proceeds of $90 million from the offering.

Who are the underwriters for Athira Pharma's public offering?

Goldman Sachs, Jefferies, and Stifel are acting as joint book-running managers for the offering.

Is there an option for additional shares in Athira Pharma's offering?

Yes, Athira has granted underwriters a 30-day option to purchase up to an additional 600,000 shares.