Structure Therapeutics Announces $300 Million Private Placement Equity Financing
September 29 2023 - 7:32AM
Structure Therapeutics Inc. (NASDAQ: GPCR), a clinical-stage global
biopharmaceutical company developing novel oral small molecule
therapeutics for metabolic and cardiopulmonary diseases, today
announced it has entered into a share purchase agreement for the
sale of 21,617,295 ordinary shares and 2,401,920 newly designated
non-voting ordinary shares (the equivalent of an aggregate of
8,006,405 American Depositary Shares (“ADSs”), each representing
three ordinary shares) at $12.49 per share (based on the closing
price of $37.47 per ADS on September 28, 2023) through a private
placement financing. Each share of non-voting ordinary shares will
be convertible into one ordinary share. Structure Therapeutics
anticipates the gross proceeds from the private placement to be
approximately $300 million, before deducting placement agent fees
and offering expenses. The private placement is anticipated to
close on October 3, 2023, subject to customary closing conditions.
The financing includes significant participation from a number
of large healthcare dedicated institutional and mutual fund
investors.
“We are very grateful for the support of this strong group of
existing and new investors, which we believe highlights the
enthusiasm for GSBR-1290 as a promising oral small molecule GLP-1R
agonist,” said Raymond Stevens, Ph.D., Founder and CEO of Structure
Therapeutics. “We plan to use the net proceeds from this financing
to accelerate GSBR-1290 development and our earlier programs from
our broad oral incretin franchise forward, including our
next-generation GLP-1/GIPR combination and our promising oral small
molecule amylin receptor agonist. We expect to deliver development
candidates for both programs in 2024.”
Jefferies and Leerink Partners are acting as joint placement
agents for the private placement.
The securities being sold in the private placement have not been
registered under the Securities Act of 1933, as amended (the
“Securities Act”), or any states' securities laws, and may not be
offered or sold in the United States, except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act. Structure
Therapeutics has agreed to file a registration statement with the
Securities and Exchange Commission registering the resale of the
shares issued in the private placement.
This press release shall 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 registration or
qualification under the securities laws of any such state or
jurisdiction.
About Structure Therapeutics
Structure Therapeutics is a leading clinical-stage
biopharmaceutical company focused on discovering and developing
innovative oral treatments for chronic metabolic and
cardiopulmonary conditions with significant unmet medical needs.
Utilizing its next generation structure-based drug discovery
platform, the company has established a scientifically-driven,
GPCR-targeted pipeline, featuring two wholly-owned proprietary
clinical-stage small molecule compounds designed to surpass the
limitations of traditional biologic and peptide therapies and be
accessible to more patients around the world. For additional
information, please visit www.structuretx.com.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements, including, without limitation,
statements concerning the Company’s future plans and prospects; the
planned timing and expectations related to the development of
GSBR-1290 and the Company’s earlier programs from its broad oral
incretin franchise; the Company’s expected cash runway and its
ability to fund development activities and achieve development
goals; and the expected timing and closing of the private
placement. In addition, when or if used in this press release, the
words “may,” “could,” “should,” “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “plan,” “predict” and similar
expressions and their variants, as they relate to the Company may
identify forward-looking statements. Forward-looking statements are
neither historical facts nor assurances of future performance.
Although the Company believes the expectations reflected in such
forward-looking statements are reasonable, the Company can give no
assurance that such expectations will prove to be correct. Readers
are cautioned that actual results, levels of activity, safety,
performance or events and circumstances could differ materially
from those expressed or implied in the Company’s forward-looking
statements due to a variety of risks and uncertainties, which
include, without limitation, risks and uncertainties related to
market conditions and the satisfaction of customary closing
conditions related to the proposed financing; the Company’s ability
to advance GSBR-1290, LTSE-2578, ANPA-0073 and its other
therapeutic candidates, obtain regulatory approval of and
ultimately commercialize the Company’s therapeutic candidates, the
timing and results of preclinical and clinical trials, the
Company’s ability to fund development activities and achieve
development goals; and other risks and uncertainties described in
the Company’s filings with the Securities and Exchange Commission
(the “SEC”), including the Company’s Annual Report on Form 10-K
filed with the SEC on March 30, 2023, Quarterly Report on Form 10-Q
filed with the SEC on August 10, 2023, and future reports the
Company may file with the SEC from time to time. All
forward-looking statements contained in this press release speak
only as of the date on which they were made and are based on
management’s assumptions and estimates as of such date. The Company
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made, except as required by law.
Investors:Danielle KeatleyStructure
Therapeutics Inc.ir@structuretx.com
Media:Dan Budwick1ABDan@1abmedia.com
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