Scholar Rock Announces Closing of Public Offering of Common Stock & Prefunded Warrants & Full Exercise of Underwriters' Optio...
November 02 2020 - 4:05PM
Business Wire
Scholar Rock Holding Corporation (Nasdaq: SRRK), a
clinical-stage biopharmaceutical company focused on the treatment
of serious diseases in which protein growth factors play a
fundamental role, today announced the closing of its underwritten
public offering of 3,717,948 shares of its common stock, and to
certain investors in lieu thereof, pre-funded warrants to purchase
2,179,487 shares of its common stock at an exercise price of
$0.0001 per share. The shares of common stock sold include 769,230
shares pursuant to the option granted by Scholar Rock to the
underwriters, which option was exercised in full. The public
offering price of each share of common stock was $39.00 and the
public offering price of each pre-funded warrant was $38.9999 per
pre-funded warrant. The aggregate gross proceeds to Scholar Rock
from this offering were approximately $230 million, before
deducting underwriting discounts and commissions and other
estimated offering expenses.
Scholar Rock intends to use the net proceeds from the offering
for clinical development of SRK-015 in Spinal Muscular Atrophy,
including costs associated with preparing for and executing
clinical trials, SRK-181 in cancer immunology, development of our
preclinical and discovery programs, as well as for working capital
and other general corporate purposes.
J.P. Morgan Securities LLC, Jefferies LLC and Credit Suisse
Securities (USA) LLC acted as joint book-running managers for the
offering. BMO Capital Markets Corp. acted as lead manager for the
offering.
The securities described above were offered by Scholar Rock
pursuant to a shelf registration statement on Form S-3 (No.
333-231920) that was declared effective by the Securities and
Exchange Commission (SEC) on June 10, 2019 and the related
registration statement on Form S-3 (File No. 333-249715) filed
pursuant to Rule 462(b) under the Securities Act that became
automatically effective upon filing on October 28, 2020. A copy of
the final prospectus supplement and accompanying prospectus
relating to the offering has been filed with the SEC and may be
obtained by contacting: J.P. Morgan Securities LLC, Attention:
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by telephone at 1-866-803-9204 or by email at
prospectus-eq_fi@jpmchase.com; Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New
York, NY 10022, by telephone at 877-547-6340 or by email at
Prospectus_Department@Jefferies.com; or Credit Suisse Securities
(USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens
Drive, Morrisville, NC 27560, by telephone at (800) 221-1037 or by
email at usa.prospectus@credit-suisse.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 that
state or jurisdiction.
About Scholar Rock
Scholar Rock is a clinical-stage biopharmaceutical company
focused on the discovery and development of innovative medicines
for the treatment of serious diseases in which signaling by protein
growth factors plays a fundamental role. Scholar Rock is creating a
pipeline of novel product candidates with the potential to
transform the lives of patients suffering from a wide range of
serious diseases, including neuromuscular disorders, cancer,
fibrosis and anemia. Scholar Rock’s approach to targeting the
molecular mechanisms of growth factor activation enabled it to
develop a proprietary platform for the discovery and development of
monoclonal antibodies that locally and selectively target these
signaling proteins at the cellular level. By developing product
candidates that act in the disease microenvironment, the Company
intends to avoid the historical challenges associated with
inhibiting growth factors for therapeutic effect. Scholar Rock
believes its focus on biologically validated growth factors may
facilitate a more efficient development path.
Scholar Rock® is a registered trademark of Scholar Rock,
Inc.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding the
expected use of proceeds from the proposed offering. The use of
words such as “may,” “might,” “will,” “should,” “expect,” “plan,”
“anticipate,” “believe,” “estimate,” “project,” “intend,” “future,”
“potential,” or “continue,” and other similar expressions are
intended to identify such forward-looking statements. All such
forward-looking statements are based on management's current
expectations of future events and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties include
fluctuations in Scholar Rock’s stock price, changes in market
conditions and satisfaction of customary closing conditions related
to the public offering and those risks more fully discussed in the
section entitled "Risk Factors" in Scholar Rock’s Quarterly Report
on Form 10-Q for the quarter ended June 30, 2020, as well as
discussions of potential risks, uncertainties, and other important
factors in Scholar Rock’s subsequent filings with the SEC. Any
forward-looking statements represent Scholar Rock’s views only as
of today and should not be relied upon as representing its views as
of any subsequent date. All information in this press release is as
of the date of the release, and Scholar Rock undertakes no duty to
update this information unless required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201102005082/en/
Scholar Rock: Investors/Media Catherine Hu, 917-601-1649
chu@scholarrock.com
Media: The Yates Network Kathryn Morris, 914-204-6412
kathryn@theyatesnetwork.com
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