Source: firstwordpharma

Entasis: Entasis Therapeutics Completes Closing of Second Tranche of $35M Private Placement with Innoviva

WALTHAM, Mass., June 11, 2020 (GLOBE NEWSWIRE) -- Entasis Therapeutics Holdings Inc. (NASDAQ: ETTX) ("Entasis"), a clinical-stage biopharmaceutical company focused on the discovery and development of novel antibacterial products, today announced the closing of the second tranche of the $35 million common stock and warrant investment by Innoviva, Inc. (NASDAQ: INVA) ("Innoviva"), a company with a portfolio of royalties that include respiratory assets partnered with Glaxo Group Limited, under a securities purchase agreement signed on April 12, 2020 between the parties following a vote in favor of the transaction at the special meeting of Entasis stockholders held on June 10, 2020. In connection with the second closing, Entasis issued 12,677,490 shares of common stock and warrants to purchase 12,677,490 shares of common stock at an exercise price of $2.50 per share, for gross proceeds of approximately $31.7 million.

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Entasis is a biotechnology company that develops and commercializes antibiotic therapies for the treatment of bacterial infections. Read more