Talphera (TLPH) said Monday it has entered an agreement with the US Food and Drug Administration to reduce the size of a study evaluating patients undergoing renal replacement therapy to 70 patients from 166 that were previously included in the study protocol.

The company also said it entered into agreements with institutional investors and a company executive for a private placement of common stock and pre-funded warrants, potentially raising up to $14.8 million.

The private placement includes three closings -- the first will raise $4.925 million on April 2, the second and third closings are contingent on milestones, including enrolling at least 17 and 35 patients in the study, and meeting stock price requirements. In total, Talphera said it plans to issue up to about 3.4 million common shares and nearly 5 million pre-funded warrants at $0.586 per share and $0.585 per warrant.

Shares of Talphera were down 13% in recent trading activity.

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