FLORHAM PARK, N.J., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a late clinical-stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases, announced today the withdrawal of the previously announced, proposed primary and secondary public offering. With our strong balance sheet, we believe that current market conditions are not conducive to an offering on terms that would be in the best interests of our stockholders. We are well capitalized, with cash and cash equivalents of $225 million as of September 30, 2021, which we believe, together with the drawdown of the remaining $100 million under our term loan facility, will be sufficient to fund our operations into mid-2023.

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Phathom Pharmaceuticals Withdraws Public Offering