Cabaletta Bio Announces Pricing of Public Offering of Common Stock
May 17 2023 - 10:16PM
Cabaletta Bio, Inc. (“Cabaletta” or the “Company”) (Nasdaq: CABA),
a clinical-stage biotechnology company focused on developing and
launching the first curative targeted cell therapies for patients
with autoimmune diseases, today announced the pricing of an
underwritten public offering of 7,250,000 shares of its common
stock at a public offering price of $12.00 per share. Cabaletta
also granted the underwriters a 30-day option to purchase up to an
additional 1,087,500 shares of common stock at the public offering
price, less underwriting discounts and commissions. The gross
proceeds from the offering, before deducting underwriting discounts
and commissions and offering expenses, are expected to be $87
million, excluding any exercise of the underwriters' option to
purchase additional shares. All of the shares in the offering are
to be sold by Cabaletta. The offering is expected to close on May
22, 2023, subject to customary closing conditions.
TD Cowen, Evercore ISI and Guggenheim Securities are acting as
joint book-running managers for the offering and H.C. Wainwright
& Co. is acting as lead manager for the offering.
Cabaletta intends to use the net proceeds from the offering,
together with existing cash and cash equivalents, primarily to fund
the expanded clinical development of CABA-201 in multiple
indications, to advance manufacturing capabilities in preparation
for late-stage clinical trials and commercial readiness for
CABA-201, and the ongoing development for its CAART programs, as
well as for working capital and general corporate purposes.
The shares of common stock are being offered by Cabaletta
pursuant a registration statement on Form S-3 that was previously
filed with, and subsequently declared effective on April 26, 2023
by, the Securities and Exchange Commission (“SEC”). A
preliminary prospectus supplement relating to and describing the
terms of the offering will be filed with the SEC on May 18, 2023.
The final prospectus supplement relating to the offering will be
filed with the SEC and will be available on the SEC’s website at
www.sec.gov. Copies of the prospectus supplement and accompanying
prospectus relating to this offering, when available, may be
obtained from Cowen and Company, LLC, 599 Lexington Avenue, New
York, NY 10022, by email at Prospectus_ECM@cowen.com or by
telephone at (833) 297-2926, Evercore Group L.L.C., Attention:
Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York,
New York 10055; by telephone at (888) 474-0200, or by email at
ecm.prospectus@evercore.com or Guggenheim Securities, LLC
Attention: Equity Syndicate Department, 330 Madison Avenue, New
York, NY 10017 by telephone at (212) 518-9544, or by email at
GSEquityProspectusDelivery@guggenheimpartners.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 sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification of these securities under the
securities laws of any such state or other jurisdiction.
About Cabaletta Bio
Cabaletta Bio (Nasdaq: CABA) is a clinical-stage biotechnology
company focused on the discovery and development of engineered T
cell therapies that have the potential to provide a deep and
durable treatment for patients with autoimmune diseases. The CABA™
platform encompasses two strategies: the CARTA (chimeric antigen
receptor T cells for autoimmunity) strategy, with CABA-201, a
4-1BB-containing fully human CD19-CAR T, as the lead product
candidate being evaluated in systemic lupus erythematosus and
myositis, and the CAART (chimeric autoantibody receptor T cells)
strategy, with multiple clinical-stage candidates, including
DSG3-CAART for mucosal pemphigus vulgaris and MuSK-CAART for MuSK
myasthenia gravis.
Forward-Looking Statements
This press release contains "forward-looking statements" of
Cabaletta within the meaning of the Private Securities Litigation
Reform Act of 1995, including without limitation, statements
related to the anticipated timing for the closing of the public
offering of shares; the potential for Cabaletta’s engineered T cell
therapies to provide a deep and durable treatment for patients with
autoimmune diseases; and the anticipated use of proceeds from the
public offering and expected cash runway projection. These
forward-looking statements include, but are not limited to, those
relating to Cabaletta’s expectations regarding the completion,
timing and size of the public offering and its expectations with
respect to granting the underwriters a 30-day option to purchase
additional shares. Any forward-looking statements in this press
release are based on management’s current expectations and beliefs
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 related
to completion of the public offering on the anticipated terms, or
at all, include, but are not limited to, market conditions and the
satisfaction of customary closing conditions related to the public
offering. For a discussion of these and other risks and
uncertainties, and other important factors, any of which could
cause Cabaletta’s actual results to differ from those contained in
the forward-looking statements, see the section entitled “Risk
Factors” in Cabaletta’s most recent annual report on Form 10-K
filed on March 16, 2023 and our subsequent quarterly reports on
Form 10-Q and current reports on Form 8-K filed with the SEC, as
well as discussions of potential risks, uncertainties, and other
important factors in Cabaletta’s other filings with the SEC,
including those contained or incorporated by reference in the
preliminary prospectus supplement related to the public offering to
be filed with the SEC.
Contacts
Anup MardaChief Financial Officerinvestors@cabalettabio.com
Sarah McCabeStern Investor Relations,
Inc.212-362-1200sarah.mccabe@sternir.com
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