Madrigal raises $259M in equity and $50M debt capacity; NDA submission planned H1 2023

MADRIGAL PHARMACEUTICALS, INC.

$159M in gross ATM common stock sales and $100M registered direct offering (Series B preferred and common) completed.
Hercules Capital confirms clinical milestone, enabling $50M additional draw under existing credit facility.
Net proceeds ~$305.4M to fund resmetirom development and potential U.S. launch.
Company intends to submit new drug application for resmetirom in first half of 2023.
Series B preferred convertible at $225/share, substantially similar to existing Series A; closing expected Dec 23, 2022.

item 1.01 item 5.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MADRIGAL PHARMACEUTICALS, INC.: Filed a Certificate of Designation to establish the terms of a new Series B Convertible Preferred Stock (effective 2022-12-22).

Change: charter amendment
Effective: 2022-12-22

Exact text from the filing

On December 22, 2022, in connection with the Offering, the Company filed the Certificate of Designation with the Secretary of State of the State of Delaware.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MADRIGAL PHARMACEUTICALS, INC. entered into Securities Purchase Agreement with a group of institutional investors (collectively, the “ Investors ”) valued at $100 million (effective 2022-12-21).

Action: entry
Agreement: equity purchase
Counterparty: a group of institutional investors (collectively, the “ Investors ”)
Value: $100 million
Effective: 2022-12-21

Exact text from the filing

On December 21, 2022, Madrigal Pharmaceuticals, Inc. (the “Company” or “Madrigal”) entered into a Securities Purchase Agreement (the “ Securities Purchase Agreement ”) with a group of institutional investors (collectively, the “ Investors ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MADRIGAL PHARMACEUTICALS, INC. amended Amendment with funds affiliated with Baker Bros. Advisors LP (the “Baker Bros. Investors”) (effective 2022-12-22).

Action: amendment
Agreement: equity purchase
Counterparty: funds affiliated with Baker Bros. Advisors LP (the “Baker Bros. Investors”)
Effective: 2022-12-22

Exact text from the filing

On December 22, 2022, the Company also entered into an amendment (the “Amendment”) to that certain Securities Purchase Agreement, dated June 20, 2017, with funds affiliated with Baker Bros. Advisors LP (the “Baker Bros. Investors”).

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MADRIGAL PHARMACEUTICALS, INC. filing history →

Source: SEC EDGAR

accession 0001193125-22-311537

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