Tetraphase amends follow-on

Antibiotics company Tetraphase Pharmaceuticals Inc. (NASDAQ:TTPH) amended a follow-on and said it now plans to sell 3.3 million shares. If sold at the company's close of $12.22 on Friday, before the amendment was announced, Tetraphase would raise $40.3 million. Tetraphase first proposed the follow-on in October, when its share price was $12.97. BMO Capital Markets; Stifel; Guggenheim Securities; JMP Securities; and Needham are underwriters. Earlier this year, Tetraphase raised $80.6 million through the sale of 11.5 million shares at $7 in an IPO.

The company is evaluating an IV formulation of its lead compound, eravacycline, in a Phase III trial to treat complicated intra-abdominal infection (cIAI), with a second Phase III trial for complicated urinary tract infection (cUTI) slated to start this quarter. Data from both trials are expected in 1Q15. Eravacycline is a broad-spectrum fluorocycline antibiotic. ...