Pharvaris raises US$175m for Phase III drug trial
Pharvaris secured an upsized US$175m late Tuesday from an overnight stock sale that will allow it to finish Phase III trials on its lead drug in patients with a rare disease and pre-fund the commercial launch.
Morgan Stanley, Leerink Partners, Cantor, Oppenheimer & Co and Van Lanschot Kempen priced 8.8m new shares at a US$20.00, in line with the US$20.00 fixed-price marketing and a 13.5% discount to the US$23.12 Tuesday closing share price. The banks were able to increase the offering size from the US$150m fixed sum marketed.
Early in Wednesday's session, the Dutch biotech's shares were trading at US$20.16.
Pharvaris added to the €200m (US$235m) of cash it had in place as of June 30, providing it enough money to fund development until the middle of 2027.
The equity raise was not completely unexpected.
On July 10, Pharvaris announced that it planned to report Phase III trial results on its lead drug in the fourth quarter and seek expedited regulatory approval in the first half of 2026. Ahead of the equity raise, its shares had spiked some 25% on the news.
Pharvaris' lead drug is an oral pill that provides fast relief for patients with a rare disease that causes painful swelling attacks of the face, extremities, and GI tract. In addition to wrapping up ongoing Phase III trials, the biotech is using some of the money to hire a US-based sales and marketing team ahead of the planned commercial launch.