Bridger Management Inceases Its Stake In TrovaGene Inc. (TROV) Via Its SPO

On July 22, TrovaGene announced that its previously announced second public offering is closing. Thus, the company offered 4.6 million shares of common stock in the offering, which include the 600,000 greenshoe options that can be exercised by underwriters. Roberto Mignone’s Bridger Management is among the investors and institutions that purchased new shares of TrovaGene at an offering price of $8.75 per share. As a result of the underwritten public offering, the company raised roughly $40.3 million in net proceeds, before deducting underwriting discounts, commission, and other estimated offering expenses. TrovaGene asserted that the net proceeds from the offering will be used to fund the company’s research and development activities, as well as increase its working capital and cover other general corporate purposes. It seems that the company is confident in the success of the PCM platform and the capital raised through the SPO will assist it bringing the technology to the market.

To conclude with, we will briefly take a look at some financial figures of the company that might be of interest to investors. TrovaGene reported a net loss of $7.2 million or $0.33 per share in its first quarter of 2015 that ended March 31, compared to a net loss of $3.2 million or $0.17 per share reported in the same quarter a year ago. The increase in net loss was primarily driven by the increased operating expenses, which is customary for companies that develop pharmaceutical products, and by the change in the fair value of certain derivative instruments. Additionally, the company reported cash and cash equivalents of $44.0 million on March 31, compared to $27.3 million on December 31, 2014. However, this figure is not quite representative of the present date, as the company has definitely used some of the cash for its R&D activities, so we don’t know the actual figure at this point in time. Let’s not forget to mention that the shares of TrovaGene have skyrocketed by 132% year-to-date, which might be an indicator that the company is on the right track and investors feel very confident about its cancer detection platform. Within our database, Peter Kolchinsky’s RA Capital Management is the second-largest investor in TrovaGene Inc. (NASDAQ:TROV), holding 594,200 shares as of March 31, tailing only Mignone’s fund.

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