04:39 PM EDT, 03/12/2024 (MT Newswires) -- Apogee Therapeutics ( APGE ) late Tuesday said it closed an upsized offering of nearly 7.8 million of its common shares at $62 apiece, for $483 million in gross proceeds.

The offering includes nearly 1.02 million shares sold to cover overallotments.

Apogee said separately it expects to use between $250 million to $275 million of the net proceeds to fund clinical testing of its APG777 drug candidate in patients with atopic dermatitis, $75 million to $95 million for preclinical studies in its pipeline, as well as to fund ongoing research and development activities.