Applied Therapeutics $30 million stock and warrants offering
Davis Polk advised the underwriter in connection with the SEC-registered offering of 20,000,000 shares of common stock, pre-funded warrants to purchase up to 10,000,000 shares of common stock and accompanying warrants to purchase up to 30,000,000 shares of common stock of Applied Therapeutics, Inc. The offering resulted in approximately $30 million of proceeds to Applied Therapeutics, before deducting underwriting discounts and estimated offering expenses. Applied Therapeutics’ common stock is listed on the Nasdaq Global Market under the symbol “APLT.”
Applied Therapeutics is a clinical-stage biopharmaceutical company developing a pipeline of novel product candidates against validated molecular targets in indications of high unmet medical need. The company’s first molecular target is aldose reductase, or AR, an enzyme that converts glucose to sorbitol under oxidative stress conditions, and is implicated in multiple diseases. The company has also developed a program targeting selective inhibition of phosphatidylinositol 3-kinase subunits for an early-stage oncology pipeline.
The Davis Polk corporate team included partner Richard D. Truesdell Jr., counsel Jeffrey S. Ramsay and associate Courtney Y. Sohn. Partner Po Sit, counsel Aliza Slansky and associate Yueyu Yang provided tax advice. The intellectual property and technology transactions team included partner David R. Bauer and associate Alison T. Chin. All members of the Davis Polk team are based in the New York office.