Iterum Therapeutics Announces $5 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules

DUBLIN, Ireland and CHICAGO, June 03, 2020 (GLOBE NEWSWIRE) -- Iterum Therapeutics plc (Nasdaq: ITRM), a clinical-stage pharmaceutical company focused on developing next generation oral and IV antibiotics to treat infections caused by multi-drug resistant pathogens in both community and hospital settings, today announced that it has entered into definitive agreements with institutional investors for the purchase and sale of 2,971,770 of its ordinary shares at a purchase price of $1.6825 per ordinary share in a registered direct offering priced at-the-market under Nasdaq rules.  The Company also agreed to issue to the investors unregistered warrants to purchase up to 1,485,885 ordinary shares in a concurrent private placement.  The warrants have an exercise price of $1.62 per share, are exercisable immediately, and will expire five and one-half years following the date of issuance.  The closing of the offering is expected to occur on or about June 5, 2020, subject to the satisfaction of customary closing conditions. 

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering are expected to be $5.0 million, before deducting the placement agent’s fees and other offering expenses payable by Iterum Therapeutics.  The Company intends to use the net proceeds from this offering to fund the continued clinical development of sulopenem, including the Company’s ongoing Phase 3 clinical trial of sulopenem for uUTI, the management of potential regulatory filings and for working capital and general corporate purposes.

The ordinary shares (but not the warrants issued in the private placement or the ordinary shares issuable upon exercise of the warrants) are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-232569) previously filed with the Securities and Exchange Commission, or the SEC, and declared effective by the SEC on July 16, 2019.   The offering of the ordinary shares will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.  A final prospectus supplement and accompanying prospectus relating to the ordinary shares being offered will be filed with the SEC.  Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, or by telephone at [phone], or email at [e-mail].