Longboard Pharmaceuticals Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares
January 08 2024 - 4:05PM
Business Wire
Longboard Pharmaceuticals, Inc. (Nasdaq: LBPH), a clinical-stage
biopharmaceutical company focused on developing novel,
transformative medicines for neurological diseases, today announced
the closing of its previously announced underwritten public
offering of 11,500,000 shares of its voting common stock, including
1,500,000 shares sold pursuant to the exercise in full of the
underwriters’ option to purchase additional shares, at a price to
the public of $21.00 per share. The gross proceeds to Longboard
from the offering, before deducting underwriting discounts and
commissions and estimated offering expenses, are approximately
$241.5 million.
Cantor and Citigroup acted as joint lead book-running managers
for the offering, and Wedbush PacGrow and H.C. Wainwright & Co.
acted as lead managers for the offering.
The offering was made pursuant to two shelf registration
statements on Form S-3, including base prospectuses, which were
previously filed with the Securities and Exchange Commission (the
“SEC”) and declared effective on October 11, 2022 and August 11,
2023, respectively, as well as a related registration statement on
Form S-3MEF. A preliminary prospectus supplement and accompanying
prospectuses relating to the offering were filed with the SEC and
are available for free on the SEC’s website located at
http://www.sec.gov. A final prospectus supplement and accompanying
prospectuses relating to the offering were filed with the SEC and
are available for free on the SEC’s website located at
http://www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectuses relating to the offering may be
obtained from: Cantor Fitzgerald & Co., Attention: Capital
Markets, 110 East 59th Street, New York, NY 10022, or by e-mail at
prospectus@cantor.com; or Citigroup, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by
telephone at (800) 831-9146.
This press release shall not constitute an offer to sell or a
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 Longboard Pharmaceuticals
Longboard Pharmaceuticals, Inc. is a clinical-stage
biopharmaceutical company focused on developing novel,
transformative medicines for neurological diseases. Longboard is
working to advance a portfolio of centrally acting product
candidates designed to be highly selective for specific G
protein-coupled receptors (GPCRs). Longboard’s small molecule
product candidates are based on more than 20 years of GPCR
research. Longboard plans to advance bexicaserin (LP352), an oral,
centrally acting 5-hydroxytryptamine 2C (5-HT2C) receptor
superagonist, with no observed impact on 5-HT2B and 5-HT2A receptor
subtypes, into a global Phase 3 program. In January 2024, Longboard
reported topline data from a Phase 1b/2a clinical trial, the
PACIFIC Study, evaluating bexicaserin in participants ages 12 to 65
years old with a broad range of Developmental and Epileptic
Encephalopathies (DEEs), including Lennox-Gastaut syndrome, Dravet
syndrome and other DEEs. Longboard is also evaluating LP659, an
oral, centrally acting, sphingosine-1-phosphate (S1P) receptor
subtypes 1 and 5 modulator, which is in development for the
potential treatment of rare neuroinflammatory conditions. Longboard
has initiated a Phase 1 single-ascending dose (SAD) clinical trial
for LP659 in healthy volunteers, with topline data expected in the
first half of 2024.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements include statements
regarding expected timing for topline data. Because such statements
are subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as “expects” are intended to identify
forward-looking statements. These forward-looking statements are
based upon Longboard’s current expectations and involve assumptions
that may never materialize or may prove to be incorrect. Actual
results could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, risks and
uncertainties associated with Longboard’s ongoing and planned
clinical trials and its business in general and the other risks
described in Longboard’s filings with the SEC, including under the
heading “Risk Factors” contained therein. 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. Longboard 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108546928/en/
Corporate Contact: Megan E. Knight Head of Investor
Relations IR@longboardpharma.com 858.789.9283
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