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Tarsus Shares Fall on $100M Offering

Stock still up almost 2X since April

Shares of Irvine-based Tarus Pharmaceuticals Inc., maker of a medication to treat mite in eyes, fell 12% to $19.26 after it announced it would issue new stock to raise $100 million.

The offering comes after the company on July 25 said it won FDA approval for Xdemvy, the market’s only approved treatment to directly target Demodex mites, the root cause of Demodex blepharitis.

Tarsus’ shares had doubled since April in anticipation of approval of this new drug. The company now has a $516 million market cap.

Goldman Sachs & Co. LLC, BofA Securities, Guggenheim Securities, LLC and Oppenheimer & Co. are acting as joint book-running managers for the offering.

 

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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