Veru prices 45.8M shares at 72c in underwritten public offering

Veru announced the pricing of an underwritten public offering of 45,833,333 shares of its common stock at a price to the public of $0.72 per share. The aggregate gross proceeds to Veru from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $33M. In addition, Veru has granted the underwriters a 30-day option to purchase up to an additional 6,874,999 shares of common stock at the public offering price, less underwriting discounts and commissions. All of the securities being sold in the offering are being offered by Veru. The offering is expected to close on or about December 18, 2023, subject to the satisfaction of customary closing conditions. Raymond James & Associates, Inc. and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering. Veru intends to use the net proceeds from the offering to fund its clinical stage drug development with a primary near-term focus on funding a Phase 2b clinical trial designed to evaluate the safety and efficacy of enobosarm, an oral selective androgen receptor modulator, initially as a treatment to augment fat loss and to prevent muscle loss in sarcopenic obese or overweight elderly patients receiving a glucagon-like peptide-1 receptor agonist who are at-risk for developing muscle atrophy and muscle weakness. Some of the proceeds will also be used for working capital purposes, including existing vendor obligations, and for other general corporate purposes.