CONSHOHOCKEN, Pa. - Madrigal Pharmaceuticals, Inc. (NASDAQ: NASDAQ:MDGL), a company engaged in developing treatments for nonalcoholic steatohepatitis (NASH), announced today its initiation of a $500 million underwritten public offering of common stock and pre-funded warrants. The company is also offering underwriters a 30-day option to purchase up to an additional 15% of the shares at the public offering price, less underwriting discounts and commissions.
The proceeds from the offering are earmarked for commercial activities related to the U.S. launch of Rezdiffra™ (resmetirom), as well as for general corporate purposes, which include research and development, clinical trials, drug manufacturing and supply, and potential acquisitions or licensing of new technologies.
Madrigal's offering is being made through an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (SEC) on June 1, 2021.
Madrigal Pharmaceuticals focuses on NASH, a liver disease currently lacking effective treatments. Their drug, Rezdiffra, is an oral medication designed to address the disease's underlying causes.
The information provided is based on a press release statement from Madrigal Pharmaceuticals, Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.