Protagonist Therapeutics, a US biopharma company, focused on discovering and development of novel peptide-based drugs for patients with significant unmet medical needs, has raised a new equity financing of $22 million from BVF Partners and their affiliates.
The clinical stage company will sell 2,750,000 shares of its common stock in this regard to the buyers.
Protagonist Therapeutics expects to use the financing for advancing development of its drug candidate PTG-100, an oral alpha-4-beta-7 integrin antagonist peptide that is under investigation for potentially treating inflammatory bowel diseases.
Protagonist Therapeutics revealed that the investors will also get five-year warrants to buy 1,375,000 shares of common stock at $10.00 per share and 1,375,000 shares of common stock at $15.00 per share.
The deal is anticipated to be wrapped this week.