RTTNews | Jun 24, 2021 05:22PM EDT

17:22 Thursday, June 24, 2021 (RTTNews.com) - Shares of Theravance Biopharma, Inc. (TBPH) slipped nearly 10% in extended trading session on Thursday after the company announced proposed public offering of ordinary shares.

TBPH closed Thursday's trading at $17.10, up $0.45 or 2.70%, on the Nasdaq. The stock, however, slipped $1.63 or 9.53%, in the after-hours trade.

Theravance Biopharma intends to use the net proceeds from this offering for general corporate purposes, including further development of (1) its norepinephrine reuptake inhibitor, ampreloxetine, which is in a Phase 3 clinical program for neurogenic orthostatic hypotension and (2) its gut-selective pan-Janus kinase inhibitor izencitinib, which is in a Phase 2b/3 clinical program for ulcerative colitis and Phase 2 clinical program for Crohn's disease.

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