Trevi Therapeutics, Inc. announced that it expects to receive $3 million in funding from New Enterprise Associates, Inc.
October 15, 2021
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Trevi Therapeutics, Inc. announced that it has entered into a securities purchase agreement with existing investor, New Enterprise Associates 16, L.P., a fund managed by New Enterprise Associates, Inc. in a private placement to issue 1,851,852 common shares, par value $0.001 per share at a price of $1.62 per share for gross proceeds of approximately $3,000,000 on October 15, 2021. The company will also issue accompanying warrants to purchase an aggregate of 3,703,704 shares of common stock. Of the warrants, warrants to purchase an aggregate of 1,851,852 shares of common stock will expire 3.5 years from the closing date and warrants to purchase an aggregate of 1,851,852 shares of common stock will expire seven years from the closing date. The warrants have an exercise price of $1.37 per share and became exercisable immediately upon issuance. The securities issued are pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended and Regulation D promulgated thereunder.
Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of the investigational therapy Haduvio (nalbuphine ER) for the treatment of chronic cough in adults with idiopathic pulmonary fibrosis (IPF) and other chronic cough indications, and for the treatment of prurigo nodularis. Haduvio is an oral extended-release (ER) formulation of nalbuphine. Nalbuphine is a mixed k-opioid receptor agonist and mu-opioid receptor antagonist. It is conducting Phase IIb/III clinical trial of Hadguvio in patients with severe pruritus associated with prurigo nodularis. It has also conducted a Phase II clinical trial of Haduvio for chronic cough in patients with IPF, which is referred to as the Phase II CANAL trial. The Companyâs Haduvio development programs include Chronic Cough in IPF Program, RCC Program and Prurigo Nodularis Program. The Companyâs subsidiary is Trevi Therapeutics Limited.