Benzinga | Feb 12, 2021 08:13AM EST

Applied Therapeutics Raises $69M Via Equity

* Applied Therapeutics Inc (NASDAQ: APLT) prices its underwritten public offering of 3 million at $23 per share, raising $69 million in gross proceeds, at a marginal premium of 2%.

* Underwriters have an option to purchase up to 450,000 additional shares. The offering is expected to close by February 17.

* APLT intends to use the net proceeds to advance clinical and preclinical development of its product candidates, prepare for commercialization and other general corporate purposes.

* This month, the FDA lifted the clinical hold on the company's AT-007 ACTION-Galactosemia kids pediatric study. It is expected to restart immediately. The company remains on target to submit a marketing application no later than the third quarter of 2021.

* Goldman Sachs & Co. LLC, Cowen, and UBS Investment Bank are acting as joint book-running managers for the offering.

* Price Action: APLT shares are trading higher by 6.93% at $25 in the premarket session on the last check Friday.