NewAmsterdam Pharma Co N.V. (NASDAQ:NAMS), a Netherlands-based pharmaceutical company with a market capitalization of $2.4 billion, announced today that it has suspended and terminated its previously filed Automatic Teller Machine (ATM) Prospectus, which was initially dated August 9, 2024. The ATM Prospectus was related to the sale of up to $150 million of the company's ordinary shares. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet and a healthy current ratio of 10.6.
The decision to halt the share sale was communicated to Cowen and Company, LLC and TD (TSX:TD) Securities (USA) LLC, collectively referred to as TD Cowen, with whom the company had an Amended and Restated Sales Agreement, also dated August 9, 2024. The termination of the ATM Prospectus effectively means that no ordinary shares will be sold under this agreement unless a new prospectus, prospectus supplement, or registration statement is filed by the company.
NewAmsterdam Pharma, which trades under the ticker NAMS for its ordinary shares and NAMSW for its warrants on The Nasdaq Stock Market LLC, specializes in pharmaceutical preparations. The stock has shown remarkable performance, gaining 65.8% year-to-date and currently trading near its 52-week high of $26.35.
In other recent news, NewAmsterdam Pharma Company N.V. has reported positive results from its Phase 3 BROADWAY and TANDEM clinical trials evaluating obicetrapib, a drug candidate for cardiovascular disease (CVD). The BROADWAY trial demonstrated a 33% decrease in low-density lipoprotein cholesterol (LDL-C) levels and a 21% reduction in major adverse cardiovascular events.
The TANDEM trial showed a significant 48.6% reduction in LDL-C levels, exceeding expectations. In response to these developments, Leerink Partners raised their price target for NewAmsterdam to $45, while Piper Sandler and TD Cowen maintained positive ratings for the company.
NewAmsterdam has also announced a restatement of its financial statements for the years ending 2022 and 2021 due to identified errors in the calculation of net loss per ordinary share.
Additionally, the company welcomed new board members, Mark C. McKenna and Wouter Joustra. Looking ahead, NewAmsterdam is preparing for the Phase 3 HORIZON trial of pelacarsen in 2025 and the Phase 3 BROADWAY trial readout, expected in the fourth quarter of 2024.
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