Iterum Therapeutics Announces Expiration and Results of Rights Offering

Core Viewpoint - Iterum Therapeutics plc has completed its rights offering, which allows shareholders and eligible warrant holders to purchase units consisting of ordinary shares and warrants at a specified subscription price [1][2][3]. Group 1: Rights Offering Details - The subscription period for the rights offering expired on August 6, 2024, at 5:00 p.m. Eastern Time [1]. - A total of 17,007,601 non-transferable subscription rights were distributed, allowing the purchase of 8,503,800 units at a subscription price of $1.21 per unit [2]. - Rights holders subscribed for 6,121,965 units during the offering, and all over-subscription requests were honored, resulting in an additional 5,091,550 units being exercised [3]. Group 2: Financial Proceeds - The company estimates gross proceeds of approximately $7.4 million from the rights offering, excluding estimated expenses of about $1.1 million [4]. Group 3: Company Overview - Iterum Therapeutics is focused on developing next-generation oral and IV antibiotics to combat multi-drug resistant pathogens, with its lead compound being sulopenem [8]. - Sulopenem has shown potent in vitro activity against various resistant bacteria and has received FDA designations for its formulations [8].