Rein Therapeutics announced the closing of a $57.5 million underwritten public offering, including the full exercise of the underwriters’ over-allotment option, strengthening the company’s financial position as it advances its pulmonary fibrosis pipeline.
The offering, which was oversubscribed and supported by strong investor demand, consisted entirely of common stock with no warrants or derivative securities issued. In total, Rein sold 57.5 million shares at $1.00 per share, generating aggregate gross proceeds of $57.5 million before underwriting discounts, commissions, and offering expenses.
The financing drew participation from both new and existing healthcare-focused investors, including Adar1 Capital Management, Ikarian Capital, Bios Partners, Stonepine Capital Management, Cable Car Capital, and Second Line Capital.
The transaction also included the underwriters’ full exercise of an option to purchase an additional 7.5 million shares to cover over-allotments.
Rein said the proceeds are expected to fully fund its ongoing Phase 2 RENEW clinical trial evaluating LTI-03 for idiopathic pulmonary fibrosis (IPF) through completion. Additional proceeds will support manufacturing, regulatory activities, continued clinical development, working capital, and general corporate purposes.
According to the company, the proceeds from the offering combined with existing cash and cash equivalents are expected to fund operations into the first quarter of 2028.
Rein Therapeutics is a clinical-stage biopharmaceutical company developing therapies for orphan pulmonary and fibrosis indications. Its lead product candidate, LTI-03, is a synthetic peptide designed to support alveolar epithelial cell survival while inhibiting profibrotic signaling. The therapy has received Orphan Drug Designation in the United States.
The company’s second product candidate, LTI-01, is a proenzyme therapy that has completed Phase 1b and Phase 2a trials for loculated pleural effusions. LTI-01 has received Orphan Drug Designation in both the U.S. and European Union, along with Fast Track Designation in the U.S.
KEY QUOTE:
“We are pleased to have successfully completed this offering, including the full exercise of the over-allotment option. We appreciate the support from both new and existing investors as we continue to advance our Phase 2 RENEW trial of LTI-03 in IPF. This financing strengthens our balance sheet and positions us to execute on our clinical and operational priorities.”
Brian Windsor, Ph.D., Chief Executive Officer, Rein Therapeutics
