89bio, Inc. Announces Upsized Pricing of $94.5 Million Public Offering of Common Stock, Pre-Funded Warrants and Warrants
June 29 2022 - 1:47AM
89bio, Inc. (“89bio”) (Nasdaq: ETNB), a clinical-stage
biopharmaceutical company focused on the development and
commercialization of innovative therapies for the treatment of
liver and cardio-metabolic diseases, today announced the pricing of
its previously announced underwritten public offering of 18,675,466
shares of its common stock and accompanying warrants to purchase up
to 9,337,733 shares of common stock at a combined public offering
price of $3.55 and, in lieu of common stock to certain investors,
pre-funded warrants to purchase up to 7,944,252 shares of its
common stock and accompanying warrants to purchase up to 3,972,126
shares of common stock at a combined public offering price of
$3.549. The pre-funded warrants have an exercise price of $0.001
per share, and are exercisable immediately. The warrants have an
exercise price of $5.325 per share, are exercisable immediately,
and will expire two years following the date of issuance. The gross
proceeds of the offering to 89bio, before deducting the
underwriting discounts and commissions and other offering expenses
payable by 89bio, are expected to be approximately $94.5 million.
The offering is expected to close on or about July 1, 2022, subject
to the satisfaction of customary closing conditions.
BofA Securities and SVB Securities are acting as lead
book-running managers for the offering, and RBC Capital Markets,
Cantor and Raymond James are also acting as book-running managers.
H.C. Wainwright & Co. is acting as lead manager for the
offering.
A shelf registration statement relating to these securities has
been filed with the Securities and Exchange Commission (“SEC”) and
became effective on April 23, 2021. The offering of the securities
is being made only by means of a prospectus, including a prospectus
supplement, forming a part of an effective registration statement.
A preliminary prospectus supplement and accompanying prospectus
relating to the offering have been filed with the SEC and are
available on the SEC’s website, located at www.sec.gov. Electronic
copies of the final prospectus supplement and the accompanying
prospectus related to the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov and may also
be obtained, when available, by contacting BofA Securities,
Attention: Prospectus Department, NC1-004-03-43, 200 North College
Street, 3rd Floor, Charlotte, NC 28255-0001, or by email at
dg.prospectus_requests@bofa.com; SVB Securities, Attention:
Syndicate Department, 53 State Street, 40th Floor, Boston, MA
02109, by telephone at (800) 808-7525, ext. 6105 or by email at
syndicate@svbsecurities.com; RBC Capital Markets LLC, Attention:
Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, New
York 10281, or by telephone at (877) 822-4089, or by email at
equityprospectus@rbccm.com; Cantor Fitzgerald & Co. Attn:
Capital Markets, 499 Park Avenue, 4th Floor, New York, NY 10022 or
by email at prospectus@cantor.com; or Raymond James &
Associates, Inc., Attn: Equity Syndicate, 880 Carillon Parkway, St.
Petersburg, Florida, by telephone at (800) 248-8863, or by email at
prospectus@raymondjames.com.
This press release shall 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 any such
state or jurisdiction.
About 89bio
89bio is a clinical-stage biopharmaceutical company dedicated to
the development and commercialization of innovative therapies for
the treatment of liver and cardiometabolic diseases. The company’s
lead candidate, pegozafermin, is in clinical development for the
treatment of non-alcoholic steatohepatitis (NASH) and severe
hypertriglyceridemia (SHTG). Pegozafermin is a specifically
engineered, glycoPEGylated fibroblast growth factor 21 (FGF21)
analog. The company is headquartered in San Francisco with
operations in Herzliya, Israel.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws, including, but not limited to, 89bio’s
expectations regarding the consummation of the offering and the
satisfaction of customary closing conditions with respect to the
offering. Words such as “may,” “might,” “will,” “objective,”
“intend,” “should,” “could,” “can,” “would,” “expect,” “believe,”
“design,” “estimate,” “predict,” “potential,” “anticipate,” “goal,”
“opportunity,” “develop,” “plan” or the negative of these terms,
and similar expressions, or statements regarding intent, belief, or
current expectations, are forward looking statements. While 89bio
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties (including, without limitation, those set
forth in 89bio’s filings with the SEC), many of which are beyond
89bio’s control and subject to change. Actual results could be
materially different. Risks and uncertainties include: changes as a
result of market conditions or for other reasons; the risk that the
offering will not be consummated; the exercise of the warrants to
be issued in the offering; the impact of general economic, health,
industrial or political conditions in the United States or
internationally; and other risks and uncertainties identified in
89bio’s Quarterly Report on Form 10-Q for the quarter ended March
31, 2022 and other subsequent disclosure documents filed with the
SEC. 89bio claims the protection of the Safe Harbor contained in
the Private Securities Litigation Reform Act of 1995 for
forward-looking statements. 89bio expressly disclaims any
obligation to update or alter any statements whether as a result of
new information, future events or otherwise, except as required by
law.
Investor and Media Contact:Ryan Martins Chief
Financial Officer investors@89bio.com
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