BioCryst Prices Public Offering of Common Stock and Pre-Funded Warrants
May 27 2020 - 11:35PM
BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) announced today the
pricing of an underwritten public offering of 18,711,113 shares of
its common stock, offered at a price to the public of $4.50 per
share. In addition, and in lieu of common stock, BioCryst is
offering to certain investors pre-funded warrants to purchase up to
an aggregate of 3,511,111 shares of common stock at a purchase
price of $4.49 per pre-funded warrant, which represents the per
share public offering price for the common stock less the $0.01 per
share exercise price for each such pre-funded warrant. The
aggregate gross proceeds from this offering to BioCryst are
expected to be $100 million, before deducting underwriting
discounts and commissions and estimated offering expenses payable
by BioCryst.
BioCryst has granted the underwriters a 30-day
option to purchase up to an additional 3,333,334 shares of its
common stock. The offering is expected to close on or about June 1,
2020, subject to customary closing conditions. BioCryst expects to
use the net proceeds of this offering for general corporate
purposes, which may include, but are not limited to, worldwide
development, manufacturing, regulatory, pre-launch and commercial
activities for the prophylactic berotralstat (BCX7353) program in
the United States and European Union; advancement of the worldwide
development, manufacturing, regulatory and clinical activities for
BCX9930 for complement-mediated diseases; post-approval commitments
for RAPIVABTM/ALPIVABTM; and capital expenditures and other general
working capital needs.
J.P. Morgan and Piper Sandler are acting as
joint book-running managers for the offering. H.C. Wainwright &
Co. and JMP Securities are acting as lead managers for the
offering.
A shelf registration statement on Form S-3
relating to the securities being offered by BioCryst has been
previously filed with and declared effective by the U.S. Securities
and Exchange Commission (“SEC”). This press release does not
constitute an offer to sell, or the solicitation of an offer to
buy, these securities, nor will there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted.
This offering is being made by means of a
prospectus supplement and related prospectus. A preliminary
prospectus supplement relating to the offering has been filed with
the SEC and is available on its website at www.sec.gov. Copies of
the final prospectus supplement, when available, and accompanying
prospectus may be obtained from J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717 or by telephone at 1-866-803-9204 or Piper Sandler &
Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, or by telephone at 800-747-3924, or by email
at prospectus@psc.com.
About BioCryst
Pharmaceuticals
BioCryst Pharmaceuticals discovers novel, oral,
small-molecule medicines that treat rare diseases in which
significant unmet medical needs exist and an enzyme plays a key
role in the biological pathway of the disease. BioCryst has several
ongoing development programs including berotralstat (BCX7353), an
oral treatment for hereditary angioedema, BCX9930, an oral Factor D
inhibitor for the treatment of complement-mediated diseases,
galidesivir, a potential treatment for COVID-19, Marburg virus
disease and Yellow Fever, and BCX9250, an ALK-2 inhibitor for the
treatment of fibrodysplasia ossificans progressiva. RAPIVAB®
(peramivir injection), a viral neuraminidase inhibitor for the
treatment of influenza, is BioCryst's first approved product and
has received regulatory approval in the U.S., Canada, Australia,
Japan, Taiwan, Korea and the European Union. Post-marketing
commitments for RAPIVAB are ongoing.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements regarding future results and
achievements, use of proceeds and the completion of this offering.
These statements involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance,
achievements, or outcomes to be materially different from any
future results, performances, achievements, or outcomes expressed
or implied by the forward-looking statements, including risks and
uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to this
offering and other risks and uncertainties inherent in BioCryst’s
business. Please refer to the documents that BioCryst files
periodically with the SEC, specifically BioCryst’s most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K, which identify important factors that
could cause the actual results to differ materially from those
contained in BioCryst’s projections and forward-looking
statements.
BCRXW
Contact:John Bluth+1 919 859
7910jbluth@biocryst.com
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