Spero Therapeutics to price offering of series D convertible preferred stock

By Abigail W. Adams

Portland, Me., Sept. 9 – Spero Therapeutics, Inc. plans to price an offering of series D convertible preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

Cowen, Evercore ISI and Cantor Fitzgerald & Co. are joint bookrunners for the registered offering.

The preferred stock is freely convertible into 1,000 shares of common stock provided the holder will not own more than 9.99% of outstanding shares in the company.

The offering is pricing concurrently to a secondary offering of 8 million shares of common stock.

Proceeds will be used, together with cash on hand and committed funding, to advance one of its products through the new drug application approval process and, if approved, through its initial commercialization.

Further details were not available as of press time.

Spero Therapeutics is a Cambridge, Mass-based clinical-stage biopharmaceutical company.

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