RESEARCH TRIANGLE PARK – One day after announcing plans for a $200 million stock offering, BioCryst Pharmaceuticals (Nasdaq: BCRX) withdrew plans for the offering.
“With our strong balance sheet, and increasing revenues from Orladeyo (berotralstat), we believe that current market conditions are not conducive to an offering on terms that would be in the best interests of our current stockholders,” the company said in a statement Tuesday.
“We are well capitalized, with cash, cash equivalents, restricted cash and investments of $222.8 million as of June 30, 2021. Based on our expectations for revenue, operating expenses, and our option to access an additional $75 million from our existing credit facility, we believe our current cash runway takes us into 2023.”
Berotralstat is a medication used to prevent attacks of hereditary angioedema (HAE) in people aged twelve years and older, according to Wikipedia.
