NEWTON, Mass., June 27, 2019 (GLOBE NEWSWIRE) -- Allena Pharmaceuticals, Inc. (NASDAQ: ALNA), a late-stage, biopharmaceutical company dedicated to developing and commercializing first-in-class, oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders, today announced that it has entered into a securities purchase agreement with institutional investors for the purchase and sale of 2,632,092 shares of its common stock in a registered direct offering, at a purchase price of $3.80 per share, for aggregate gross proceeds of approximately $10.0 million. The offering is being led by Altium Capital, a healthcare investment fund founded by CEO Jacob Gottlieb, and is expected to close on or about June 28, 2019, subject to the satisfaction of customary closing conditions.

Allena intends to use the net proceeds to fund its clinical development programs and for working capital and other general corporate purposes, including the advancement of its lead candidate reloxaliase, an orally-administered, recombinant oxalate-degrading enzyme that is being developed for the treatment of enteric hyperoxaluria.

About Allena Pharmaceuticals

Allena Pharmaceuticals, Inc. is a late-stage biopharmaceutical company dedicated to developing and commercializing first-in-class, oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders. Allena’s lead product candidate, reloxaliase, is a first in class, oral enzyme therapeutic for the treatment of hyperoxaluria, a metabolic disorder characterized by markedly elevated urinary oxalate levels and commonly associated with kidney stones, chronic kidney disease and other serious kidney disorders.