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Trevena, Inc. Announces $8M Registered Direct Offering Priced At-the-Market Under Nasdaq Rules

Benzinga · 11/16/2022 08:01

Trevena, Inc. (NASDAQ:TRVN) ("Trevena" or the "Company"), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 2,614,380 shares of common stock and warrants to purchase up to an aggregate of 2,614,380 shares of common stock, at a combined offering price of $3.06 per share of common stock (or pre-funded warrants in lieu thereof) and accompanying warrant, in a registered direct offering priced at-the-market under Nasdaq rules. The warrants have an exercise price of $2.95 per share, will be exercisable immediately upon issuance and will expire five years following the date of issuance. The closing of the offering is expected to occur on or about November 18, 2022, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

Total gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, is expected to be approximately $8.0 million. The Company intends to use the net proceeds from this offering for general corporate purposes, which may include working capital and general and administrative expenses.

The securities described above are being offered pursuant to a “shelf” registration statement on Form S-3 (333-251006), previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 27, 2020 and declared effective on December 4, 2020, and the accompanying prospectus contained therein. The offering will be made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail at placements@hcwco.com or phone at (212) 856-5711.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Additional information regarding the securities described above and the terms of the offering are included in a Current Report on Form 8-K to be filed with the SEC.