Stonebridge Biopharma PLC said Friday that it raised an expected $35 million by selling shares, and warrants to buy shares, at nearly a one-third discount. The biopharmaceutical company, based in Dublin, Ireland and Trevose, Penn., said it will issue 14 million shares to investors at $2.50 a share, and warrants to buy 7 million shares that are exercisable at $2.50 a share. The price is 31% below Thursday’s closing price of $3.60. Stonebridge expects the placement of shares to close on or about Dec. 28. Separately, Stonebridge said it acquired U.S. rights to Keveyis, the only FDA-approved treatment of rare hereditary disorders that could lead to severe muscle weakness. The company also said it expects to initiate a second phase 3 study of its treatment for endogenous Cushing’s syndrome, although recruitment for the first phase 3 trial has been slower than anticipated. The stock, which was still inactive in premarket trade, has tumbled 53% year to date, while the S&P 500 has gained 11%.
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