Trevi raises $115 million to advance cough therapy in crowded field

6 June 2025

US biotech Trevi Therapeutics (Nasdaq: TRVI) has raised around $115 million in a public stock offering, giving it fresh momentum to continue developing its investigational therapy Haduvio (nalbuphine) for chronic cough.

The offering included just over 20 million shares at $5.75 each, including an overallotment taken up by underwriters. Trevi said all proceeds, before expenses, will support its operations. Morgan Stanley, Leerink Partners, Stifel and Cantor acted as joint book-running managers.

The Connecticut-based company is focused on treating two forms of chronic cough—refractory chronic cough and cough associated with idiopathic pulmonary fibrosis.

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