Tetraphase prices $75M follow-on

Tetraphase Pharmaceuticals Inc. (NASDAQ:TTPH) climbed $4 (20%) to $24.11 on Friday after announcing it has priced the sale of 3.95 million shares at $19 in a follow-on that is expected to close Oct. 22. The company would raise $75 million at the close of the deal underwritten by BMO Capital Markets; Stifel; Guggenheim Securities; JMP Securities; and Needham.

Tetraphase shares jumped $1.93 (15%) to $15.01 on Sept. 3 after reporting data from the lead-in portion of a Phase III trial of eravacycline to treat complicated urinary tract infection (cUTI). Data for the broad-spectrum fluorocycline antibiotic are expected in mid-2016. ...