Business
Liquidia Reports Third Quarter 2020 Financial Results and Provides Corporate Update
- Raised $75 Million through Underwritten Public Offering- Bolstered and Defended LIQ861 Patent Position- Advanced Efforts in Support of the RareGen, LLC
About this update from Liquidia Corporation
[{"type":"text","content":"- Raised $75 Million through Underwritten Public Offering- Bolstered and Defended LIQ861 Patent Position- Advanced Efforts in Support of the RareGen, LLC Merger and Integration- Company to Host Webcast and Conference Call Today at 8:00 a.m. ET\n RESEARCH TRIANGLE PARK, N.C., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Liquidia Technologies, Inc. (NASDAQ: LQDA), a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products using its proprietary PRINT® technology, today reported financial results for the third quarter ended September 30, 2020 and provided a corporate update. “Despite the ongoing COVID-19 pandemic, we continue to make progress in defending our right to bring LIQ861 forward for patients, while also making significant strides to advance our mission through an improved balance sheet, cash runway, and intellectual property position with respect to dry powder inhaled treprostinil. These are all important achievements as we move closer to the potential approval and long-term commercialization of LIQ861.” said Neal Fowler, Chief Executive Officer of Liquidia. “Recent events, including the unsolicited proposal to license LIQ861, have reinforced our resolve to bring LIQ861 to the PAH community and renewed our belief that this innovative treatment and the proposed RareGen merger will benefit patients and bring value to our company and its stockholders.” Corporate Update: Raised $75 Million in Gross Proceeds from Public Offering to Strengthen Balance SheetClosed underwritten public offering of 9,375,000 shares of common stock at a public offering price of $8.00 on July 2, 2020, generating net proceeds of approximately $70.3 million, which further augments the Company’s balance sheet in advance of potential U.S. Food and Drug Administration (FDA) approval of LIQ861.Completed Chief Financial Officer Transition and Initiated Optimization of Financial OperationsCompleted a transition of Chief Financial Officer responsibilities to Steven Bariahtaris as interim Chief Financial Officer in August 2020. Following his appointment, Mr. Bariahtaris and the finance team enhanced the Company’s financial planning and budget controls and initiated a process of implementing a more cost-efficient operating plan to further improve the Company’s cashflow into 2022. Bolstered LIQ861 Intellectual Property...