Exhibit 99.1
Trevi Therapeutics Announces Pricing of $55 Million Public Offering
New Haven, Conn., September 23, 2022 – Trevi Therapeutics, Inc. (Nasdaq: TRVI), a clinical-stage biopharmaceutical company developing an investigational therapy, Haduvio™ (oral nalbuphine ER) for the treatment of chronic cough in adults with idiopathic pulmonary fibrosis (IPF) and the treatment of prurigo nodularis (PN), today announced the pricing of its underwritten public offering of 14,252,670 shares of its common stock at a public offering price of $1.93 per share, and, to certain investors in lieu of common stock, pre-funded warrants to purchase 14,247,330 shares of common stock at a price of $1.929 per pre-funded warrant, for total proceeds of approximately $55 million, before deducting underwriting discounts and commissions and expenses payable by Trevi. The purchase price per share of each pre-funded warrant represents the per share public offering price for the common stock, minus the $0.001 per share exercise price of such pre-funded warrant. All of the shares and pre-funded warrants in the offering are being sold by Trevi. In addition, Trevi has granted the underwriters a 30-day option to purchase up to 4,275,000 additional shares of its common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on September 27, 2022, subject to satisfaction of customary closing conditions.
SVB Securities, Stifel and Oppenheimer & Co. are acting as joint bookrunning managers for the offering. Needham & Company is acting as lead manager for the offering and Aegis Capital Corp. is acting as co-manager for the offering.
The shares and pre-funded warrants are being offered by Trevi pursuant to a shelf registration statement that was filed with the Securities and Exchange Commission (“SEC”) on June 26, 2020 and declared effective by the SEC on July 2, 2020. This offering is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and may be obtained for free by visiting the SEC’s website at www.sec.gov. A final prospectus supplement relating to the offering will be filed with the SEC. When available, copies of the final prospectus supplement and the accompanying prospectus may also be obtained from SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109 by email at syndicate@svbsecurities.com or by phone at (800) 808-7525, ext. 6105; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94014, by telephone at 415-364-2720 or by email at syndprospectus@stifel.com; or Oppenheimer & Co. Inc., 85 Broad Street, 26th Floor, New York, NY 10004, Attn: Syndicate Prospectus Department, telephone: (212) 667-8055 or by email at EquityProspectus@opco.com.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
