Acumen Pharmaceuticals Announces Pricing of Upsized Initial Public Offering
June 30 2021 - 10:44PM
Acumen Pharmaceuticals, Inc. (“Acumen” or “Acumen Pharmaceuticals”)
(Nasdaq: ABOS), a clinical-stage biopharmaceutical company
developing a novel disease-modifying approach to target what Acumen
believes to be a key underlying cause of Alzheimer’s disease, today
announced the pricing of its upsized initial public offering of
9,999,999 shares of common stock at a public offering price of
$16.00 per share. The gross proceeds to Acumen, before deducting
underwriting discounts and commissions and offering expenses, are
expected to be approximately $160 million. All of the shares of
common stock are being offered by Acumen. In addition, Acumen has
granted the underwriters a 30-day option to purchase up to an
additional 1,499,999 shares of common stock at the initial public
offering price, less the underwriting discounts and commissions.
Acumen’s shares are expected to begin trading on
the Nasdaq Global Select Market on Thursday, July 1, 2021 under the
ticker symbol “ABOS.” The offering is expected to close on July 6,
2021, subject to customary closing conditions.
BofA Securities, Credit Suisse and Stifel are
acting as joint lead book-running managers for the offering. UBS
Investment Bank is also acting as a book-running manager.
A registration statement relating to the shares
being sold in this offering has been filed with the U.S. Securities
and Exchange Commission and was declared effective on June 30,
2021. The offering of the shares is being made only by means of a
prospectus forming part of the effective registration statement
relating to these shares. Copies of the final prospectus, when
available, may be obtained from BofA Securities, NC1-004-03-43, 200
North College Street, 3rd Floor, Charlotte, NC 28255-0001,
Attention: Prospectus Department, or by email at
dg.prospectus_requests@bofa.com; Credit Suisse Securities (USA)
LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive,
Morrisville, NC 27560, or by telephone at (800) 221-1037 or by
email at usa.prospectus@credit-suisse.com; or Stifel, Nicolaus
& Company, Incorporated, Attention: Syndicate, One Montgomery
Street, Suite 3700, San Francisco, CA 94104, or by telephone at
(415) 364-2720, or by email at syndprospectus@stifel.com.
This press release shall not constitute an offer
to sell, or a solicitation of an offer to buy these securities, 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 the registration or qualification under the
securities laws of any such state or jurisdiction.
About Acumen Pharmaceuticals
Acumen is a clinical-stage biopharmaceutical
company developing a novel disease-modifying approach to target
amyloid-beta oligomers, (AβOs), which Acumen believes to be a key
underlying cause of Alzheimer’s disease, or AD. Acumen is currently
focused on advancing a targeted immunotherapy drug candidate,
ACU193, to establish proof of mechanism in early AD patients.
Acumen initiated its Phase 1 clinical trial of ACU193 in the second
quarter of 2021 with the objective to evaluate its safety and
tolerability and explore its pharmacokinetics and target
engagement. This trial is currently enrolling patients with mild
cognitive impairment and mild dementia due to AD. ACU193 Phase 1
data intended to evaluate safety and tolerability and demonstrate
clinical proof of mechanism are expected by year end 2022.
Forward-Looking Statements
This press release includes certain disclosures
that contain “forward-looking statements,” including, without
limitation, statements regarding Acumen’s expectations regarding
the commencement of trading of its shares on the Nasdaq Global
Select Market, the completion and timing of the closing of offering
and the anticipated use of net proceeds from the offering.
Forward-looking statements are based on Acumen’s current
expectations and are subject to inherent uncertainties, risks and
assumptions that are difficult to predict. Factors that could cause
actual results to differ include, but are not limited to, risks and
uncertainties related to the satisfaction of customary closing
conditions and the completion of the offering, and the risks
inherent in biopharmaceutical product development and clinical
trials. These and other risks and uncertainties are described more
fully in the section titled “Risk Factors” in the final prospectus
related to the offering to be filed with the Securities and
Exchange Commission. Forward-looking statements contained in this
press release are made as of this date, and Acumen undertakes no
duty to update such information except as required under applicable
law.
Investor Contact:
investors@acumenpharm.com
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