Atara Biotherapeutics rises after direct stock offering, business update

Shares of Atara Biotherapeutics ATRA.O up 7% premarket to $7.07 after co announces equity raise and business update

Thousand Oaks, California-based firm announces pricing ~2.4 mln shares, including ~1.6 mln pre-funded warrants, at $6.61 for $16 mln gross proceeds

Registered direct offering made to limited number of existing investors, including entities affiliated with Adiumentum Capital Management, EcoR1 Capital, Panacea Venture and Redmile Group, co says

TD Cowen sole bookrunner

Co says plans to use net proceeds to fund ongoing activities required to achieve biologics license application approval for tab-cel, and for working capital, general purposes

Also, co posts Q1 rev of $98.1 mln, up from $27.4 mln a year ago, and net income of $38 mln vs loss of $31.8 mln last year

It says it transferred all manufacturing responsibility to Pierre Fabre Laboratories, including all costs associated with manufacturing and supply of tabelecleucel for development and commercialization worldwide, and expects 65% reduction in operating expenses in 2025

Co says U.S. FDA has lifted the clinical holds on EBVALLO studies, and it plans to resume enrollment in Phase III study for patients with Epstein-Barr virus-associated post-transplant lymphoproliferative disease (EBV+ PTLD)

In Jan, ATRA's shares plunged after FDA placed clinical hold on its cancer therapy trials and declined to approve tabelecleucel for treatment of Epstein-Barr

Stock hit 52-week intraday high of $18.70 in early Jan