Rein Therapeutics, Inc. (Nasdaq: RNTX), a clinical-stage biopharmaceutical company focused on developing novel therapies for orphan pulmonary and fibrosis indications, announced the closing of its $50 million underwritten public offering.
The offering consisted of 50,000,000 shares of common stock priced at $1.00 per share. In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 7,500,000 shares to cover over-allotments, if any.
Rein Therapeutics intends to use the net proceeds from the offering for working capital and general corporate purposes, including repayment of certain outstanding promissory notes.
Konik Capital Partners, a division of T.R. Winston & Co., acted as sole underwriter for the offering. Lucosky Brookman LLP served as counsel to the underwriters in connection with the transaction.
