Keros Therapeutics Announces Closing of Upsized Public Offering of Common Stock
January 09 2024 - 8:00AM
Keros Therapeutics, Inc. (“Keros” or “we”) (Nasdaq: KROS), a
clinical-stage biopharmaceutical company focused on developing and
commercializing novel therapeutics to treat a wide range of
patients with disorders that are linked to dysfunctional signaling
of the transforming growth factor-beta (“TGF-ß”) family of
proteins, today announced the closing of the previously announced
underwritten public offering of 4,025,000 shares of common stock on
January 8, 2024, at a public offering price of $40.00 per share,
inclusive of the underwriters’ exercise in full of their option to
purchase up to an additional 525,000 shares of common stock at the
public offering price (the “Option”). The net proceeds to Keros
from the offering, before deducting offering expenses, were
approximately $151.3 million. All of the common stock was offered
by Keros. Based on its current operating plan, as a result of the
full exercise of the Option, Keros believes that the net proceeds
from this offering, together with its cash and cash equivalents as
of September 30, 2023 and net proceeds of approximately $68.5
million from the sale of shares of its common stock pursuant to its
at-the-market sales agreement subsequent to September 30, 2023,
will enable Keros to fund its planned operating expenses and
capital expenditure requirements into 2027.
Goldman Sachs & Co. LLC, Leerink Partners, Piper Sandler and
Truist Securities acted as joint book-running managers for the
offering.
The offering was made pursuant to a shelf registration statement
on Form S-3 that was filed with the Securities and Exchange
Commission (“SEC”) on May 3, 2021 and was effective upon filing. A
final prospectus supplement and accompanying prospectus relating to
the offering was filed with the SEC on January 4, 2024, and is
available on the SEC’s website at www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus relating to
the offering may be obtained by visiting the SEC’s website or by
contacting: Goldman Sachs & Co. LLC, Attention: Prospectus
Department, 200 West Street, New York, NY 10282, by telephone at
(866) 471-2526 or by email at prospectus-ny@ny.email.gs.com;
Leerink Partners LLC, Attention: Syndicate Department, 53 State
Street, 40th Floor, Boston, MA 02109, by telephone at
1-800-808-7525, ext. 6105, or by email at syndicate@leerink.com;
Piper Sandler & Co., Attention: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone
at (800) 747-3924, or by email at prospectus@psc.com; or Truist
Securities, Inc., Attention: Prospectus Department, 3333 Peachtree
Road NE, 9th floor, Atlanta, GA 30326, by telephone at (800)
685-4786, or by email at
TruistSecurities.prospectus@Truist.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any offer or
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 such
state or jurisdiction.
About Keros Therapeutics, Inc.
Keros is a clinical-stage biopharmaceutical company focused on
developing and commercializing novel therapeutics to treat a wide
range of patients with disorders that are linked to dysfunctional
signaling of the TGF-ß family of proteins. We are a leader in
understanding the role of the TGF-ß family of proteins, which are
master regulators of the growth, repair and maintenance of blood
cells and a number of tissues, including bone, skeletal muscle,
adipose and heart tissue. By leveraging this understanding, we have
discovered and are developing large and small molecules that have
the potential to provide meaningful and potentially
disease-modifying benefit to patients. Keros’ lead protein
therapeutic product candidate, KER-050 (elritercept), is being
developed for the treatment of low blood cell counts, or
cytopenias, including anemia and thrombocytopenia, in patients with
MDS and in patients with MF. Keros’ second product candidate,
KER-012, is being developed for the treatment of pulmonary arterial
hypertension and for the treatment of cardiovascular disorders.
Keros’ third product candidate, KER-065, is being developed for the
treatment of obesity and for the treatment of neuromuscular
diseases.
Cautionary Note Regarding 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, as amended. Words such as "anticipates," "believes,"
"expects," "intends," “plans,” “potential,” "projects,” “would” and
"future" or similar expressions are intended to identify
forward-looking statements. Examples of these forward-looking
statements include statements concerning: the expected cash runway
of Keros. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. These
risks and uncertainties include, among others: Keros’ limited
operating history and historical losses; Keros’ ability to raise
additional funding to complete the development and any
commercialization of its product candidates; Keros’ dependence on
the success of its product candidates, KER-050, KER-012 and
KER-065; that Keros may be delayed in initiating, enrolling or
completing any clinical trials; competition from third parties that
are developing products for similar uses; Keros’ ability to obtain,
maintain and protect its intellectual property; and Keros’
dependence on third parties in connection with manufacturing,
clinical trials and preclinical studies. These and other risks are
described more fully in Keros’ filings with the Securities and
Exchange Commission (“SEC”), including the “Risk Factors” section
of Keros’ Quarterly Report on Form 10-Q, filed with the SEC on
November 6, 2023, and its other documents subsequently filed with
or furnished to the SEC. All forward-looking statements contained
in this press release speak only as of the date on which they were
made. Except to the extent required by law, Keros undertakes no
obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they were
made.
Investor Contact:Justin
Frantzjfrantz@kerostx.com 617-221-6042
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