RTTNews | Sep 22, 2020 10:45AM EDT

10:45 Tuesday, September 22, 2020 (RTTNews.com) - Shares of Protara Therapeutics, Inc. (TARA) are gaining nearly 7% on Tuesday morning after the company announced pricing of securities in concurrent public offerings of common Stock and preferred stock.

TARA is currently trading at $1.13 or 6.70% on the Nasdaq.

The clinical-stage company focused on treatement of cancer and rare diseases announced the pricing of two concurrent but separate underwritten public offerings of 4.6 million common shares and 4,148 non-voting preferred stock. The public offering price of each common share is $16.87 and price of preferred stock is $16,873.54.

Protara expects to raise proceeds of $147.6 million from the offerings, which it plans to use for development activities associated with TARA-002 in non-muscle invasive bladder cancer, lymphatic malformations and potential exploration of additional indications.

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