Akebia Therapeutics Prices Offering At $14.50/Share

(RTTNews) - Akebia Therapeutics, Inc. (AKBA) has offered to sell 4.00 million shares of its common stock to the public at a price of $14.50 each. The underwriter has a 30-day option to purchase up to an additional 600,000 shares of its common stock.

The offering is expected to rake in gross proceeds of around $58 million, and is scheduled to close on or about July 5, 2017.

Akebia intends to use this offering net proceeds for the continued clinical development of vadadustat, for additional manufacturing capabilities, for the clinical development of AKB-5169, for discovery, research and preclinical studies of its other product candidates, and the remainder for working capital, business development and other general corporate purposes.

Vadadustat is an oral HIF stabilizer currently in Phase 3 development for the treatment of anemia related to chronic kidney disease. Akebia expects to report data from FO2RWARD by the end of 2018.