08:31 AM EDT, 09/12/2024 (MT Newswires) -- Oruka Therapeutics ( ORKA ) said Thursday it is selling $200 million of its securities pursuant to a securities purchase agreement for a private investment in public equity financing it entered into with investors.

The securities being sold are 5.6 million common shares at $23 per share; 2,439 series A non-voting convertible preferred shares at $23,000 per share, and pre-funded warrants to purchase 680,000 common shares at a price of $22.999 per pre-funded warrant.

The PIPE financing is expected to close around Friday.

Oruka said it plans to use the net proceeds to help fund research and development, general corporate expenses and working capital needs.

The company said it anticipates its cash to finance its operating plan through 2027.

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