Tetraphase Pharmaceuticals Announces $8 Million Registered Direct Offering Priced At-the-Market

WATERTOWN, Mass.--(BUSINESS WIRE)--Tetraphase Pharmaceuticals, Inc. (Nasdaq:TTPH), a biopharmaceutical company focused on commercializing its novel tetracycline XERAVATM (eravacycline for injection) to treat serious and life-threatening infections, today announced that it has entered into a definitive agreement with a healthcare-focused institutional investor for the purchase, in a registered direct offering priced at-the-market, of (i) 300,000 shares of common stock and accompanying warrants to purchase an aggregate of 300,000 shares of common stock, and (ii) pre-funded warrants to purchase up to an aggregate of 1,830,493 shares of common stock and accompanying warrants to purchase an aggregate of 1,830,493 shares of common stock. Each share of common stock and accompanying common stock warrant are being sold together at a combined price of $3.755, and each pre-funded warrant and accompanying common stock warrant are being sold together at a combined price of $3.745. Each pre-funded warrant will have an exercise price of $0.01 per share, be exercisable immediately and will be exercisable until all of the pre-funded warrants are exercised in full. Each common stock warrant will have an exercise price of $3.62 per share, be exercisable immediately and will expire five years from the date of issuance.