Plano-based Reata Pharmaceuticals, a clinical-stage biopharmaceutical company, raised $505.1 million via a stock offering that sold 2,760,000 shares of Class A common stock ahead of commercializing its existing clinical-stage treatments.
The stock sales will add to the company’s working capital supply and corporate funds, which they intend to use to develop new drugs that fight Alport syndrome, which is a genetic condition that causes by kidney disease , hearing loss, and eye problems, and Friederich’s ataxia, a neurological disorder that causes falling, and difficulty in because of issues with the ability to coordinate voluntary movements and causes death in the patient’s 30s.
The company is looking to turn its attention to moving its treatments into the hands of patients who suffer from diseases with few or no treatment options. The company went public in 2016, and has seen impressive growth, with the stock price rising from $11 in 2016 to $208 on Monday.
Founding CEO Warren Huff told The Dallas Morning News that the company hopes to double from 200 to 400 employees by the end of next year, and growing further to 1,000 employees within the next few years as the company adds sales, marketing, finance, and accounting teams ahead of going to market with their treatments. Along with the growth, the company will be moving into a 300,000 square foot office in the Trammell Crow development at Plano’s Legacy business park, according to DMN.