atai Life Sciences (NASDAQ:ATAI, ETR:9VC) announced the completion of a $149.5 million public offering of approximately 27 million common shares, including the full exercise of underwriters’ option to purchase an additional 3.6 million shares at $5.48 per share.
The financing included participation from both new and existing investors, such as Janus Henderson Investors, Foresite Capital, Deep Track Capital, HBM Partners, Ferring Ventures, Columbia Threadneedle Investments, Ally Bridge Group, Woodline Partners LP, and ADAR1 Capital Management.
atai said it intends to use the net proceeds from the offering, along with existing cash, cash equivalents, short-term investments, and other liquid assets, to advance development across its clinical pipeline.
This includes funding the planned Phase 3 program for BPL-003 (mebufotenin benzoate) nasal spray through top-line data from its first Phase 3 trial, completing the Phase 2 trial of VLS-01 (buccal film DMT), and completing the Phase 2a study of EMP-01 (oral R-MDMA).
The company also plans to allocate funds for working capital and general corporate purposes.
Based on its current operating plan, atai expects its available resources to fund operations into 2029, beyond the anticipated top-line results from the first Phase 3 clinical trial of BPL-003.
“We are deeply grateful for the strong and continued validation of our mission that this successful financing represents,” atai founder and chairman Christian Angermayer said in a statement.
“The commitment from both our distinguished existing and new, predominantly healthcare-focused institutional investors reflects their confidence in atai’s pipeline and long-term vision.”
He concluded: “I believe psychedelics have the potential to fundamentally redefine the treatment landscape for mental health disorders, and we remain steadfast in our mission to bring these transformative therapeutics to patients as swiftly as possible. They deserve nothing less.”