SAN DIEGO, Feb. 6, 2018 /PRNewswire/ -- Viking
Therapeutics, Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage
biopharmaceutical company focused on the development of novel
therapies for metabolic and endocrine disorders, today announced
the closing of its previously announced underwritten public
offering of 12,650,000 shares of its common stock, including
1,650,000 shares sold pursuant to the underwriters' full exercise
of their option to purchase additional shares to cover
over-allotments, at a public offering price of $5.00 per share, before deducting underwriting
discounts and commissions and estimated offering expenses payable
by Viking. The gross proceeds to Viking from this offering
are approximately $63.3 million,
before deducting underwriting discounts and commissions and other
estimated offering expenses. Viking currently intends to use the
net proceeds from the offering for continued development of its
VK5211, VK2809 and VK0214 programs and for general research and
development, working capital and general corporate purposes.
William Blair & Company,
L.L.C. acted as sole book-running manager for the offering and
Maxim Group LLC and Roth Capital Partners acted as co-managers for
the offering. H.C. Wainwright & Co. acted as a financial
advisor for the offering.
The securities described above were offered by Viking pursuant
to a shelf registration statement on Form S-3 (File No. 333-212134)
previously filed with and declared effective by the Securities and
Exchange Commission (the "SEC") on June 20,
2016, as amended by Amendment No. 1 thereto, previously
filed with the SEC on July 26, 2016,
and declared effective on July 26,
2016. A final prospectus supplement and accompanying
prospectus related to the offering was filed with the SEC on
February 5, 2018 and is available on
the SEC's website at http://www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus relating to
the offering may also be obtained from William Blair & Company, L.L.C. at 150 North
Riverside Plaza, Chicago, Illinois
60606, Attention: Prospectus Department, by telephone at (800)
621-0687, or by email at prospectus@williamblair.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Viking Therapeutics, Inc.
Viking Therapeutics,
Inc. is a clinical-stage biopharmaceutical company focused on the
development of novel, first-in-class or best-in-class therapies for
metabolic and endocrine disorders. The company's research and
development activities leverage its expertise in metabolism to
develop innovative therapeutics designed to improve patients'
lives. Viking has exclusive worldwide rights to a portfolio
of five therapeutic programs in clinical trials or preclinical
studies, which are based on small molecules licensed from Ligand
Pharmaceuticals Incorporated. The company's clinical programs
include VK5211, for which positive Phase 2 results were recently
announced, an orally available, non-steroidal selective androgen
receptor modulator, or SARM, in development for the treatment and
prevention of lean body mass loss in patients who have undergone
hip fracture surgery, VK2809, a small molecule thyroid beta agonist
in Phase 2 development for hypercholesterolemia and non-alcoholic
fatty liver disease, and VK0612, a first-in-class, orally available
drug candidate in Phase 2 development for type 2 diabetes.
Viking is also developing novel and selective agonists of the
thyroid beta receptor for GSD Ia and X-linked adrenoleukodystrophy,
as well as two earlier-stage programs targeting metabolic diseases
and anemia.
Forward-Looking Statements
Viking cautions you that
statements included in this press release that are not a
description of historical facts are forward-looking statements.
Words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek," "estimate," "think," "may," "could," "will," "would,"
"should," "continue," "potential," "likely," "opportunity" and
similar expressions or variations of such words are intended to
identify forward-looking statements, but are not the exclusive
means of identifying forward-looking statements. These statements
are based on Viking's current beliefs and expectations. These
forward-looking statements include statements regarding the amount
and anticipated use of proceeds from the offering. The inclusion of
forward-looking statements should not be regarded as a
representation by Viking that any of its plans will be achieved.
Actual results may differ from those set forth in this press
release due to the risks and uncertainties associated with market
conditions and other risks and uncertainties inherent in Viking's
business, including those described in Viking's periodic filings
with the SEC and the prospectus supplement and related prospectus
for this offering filed with the SEC. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. There may be events in the
future that Viking is unable to predict, or over which it has no
control, and Viking's business, financial condition, results of
operations and prospects may change in the future. Viking assumes
no responsibility to update or revise any forward-looking
statements to reflect events, trends or circumstances after the
date they are made, except as required by applicable law. All
forward-looking statements are qualified in their entirety by this
cautionary statement. This cautionary statement is made under the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995.
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SOURCE Viking Therapeutics, Inc.