23.10.2015 11:08:06
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VTL Prices Offering At $5.50/Share
(RTTNews) - Vital Therapies Inc. (VTL) has offered to sell 5.45 million shares of its common stock to the public at a price of $5.50 each. The underwriter has a 30-day option to purchase up to an additional 818,181 shares of its common stock.
The offering is expected to rake in gross proceeds of roughly $30.0 million, and is scheduled to close on or about October 28, 2015.
The company's product candidate is ELAD System, an extracorporeal human allogeneic cellular liver therapy designed to allow the patient's own liver to regenerate to a healthy state, or to stabilize the patient until transplant.
On August 21, 2015, the company announced that its phase III trial, evaluating the ELAD System in subjects with alcohol-induced liver decompensation, dubbed VTI-208, failed to meet the primary endpoint of overall survival, sending its stock down nearly 80% in a single day.
Based on trends identified in subset analyses of the VTI-208 clinical trial, the company is planning a new phase 3 clinical trial, known as VTL-308, to confirm ELAD's safety and efficacy in alcohol-induced liver decompensation (AILD), including severe acute alcoholic hepatitis.
A briefing document for the proposed VTL-308 trial has been submitted to the FDA for Type C written response meeting, and a feedback is expected by year end.
VTL closed Thursday's trading at $5.51, down 5.65%.
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