Clinical-stage genetic testing company Windtree Therapeutics announced a public offering of 3.7 million common shares and 3.7 million common warrants that collectively converts to 3.7 million common shares offered in total. The company expects to raise gross proceeds of USD 10.8 million at a price of USD 2.93 per share. 

The company has also granted a 45-day purchase option on an additional 0.5 million shares to underwriters at the same price. The offering window is expected to close on April 24, 2023.

Windtree intends to use USD 3.5 million of the net proceeds to extend enrollment in and completion of a Phase II clinical trial for istaroxime in cardiogenic shock, with the remainder being used for working capital and other general corporate purposes. 

Windtree Therapeutics is a biotech company focused on developing and advancing late-stage interventions for cardiovascular disorders. The company employs new scientific and clinical approaches to develop treatments related to compounds that can activate SERCA2a, a protein found in cardiac muscle cells. Its primary candidate, istaroxime, is being developed as a first-of-its-kind treatment for acute heart failure and early cardiogenic shock. Windtree's heart failure pipeline includes a pre-clinical SERCA2a activator drug candidate that can be taken orally. In the area of pulmonary care, Windtree is developing rostafuroxin, a precision drug product that targets hypertensive patients with specific genetic profiles.