Scholar Rock Announces Pricing of Upsized Public Offering of Common Stock
October 11 2023 - 8:57PM
Business Wire
Scholar Rock Holding Corporation (Nasdaq: SRRK), a Phase 3
clinical-stage biopharmaceutical company focused on the treatment
of serious diseases in which protein growth factors play a
fundamental role, today announced the pricing of an upsized
underwritten public offering of 12,408,760 shares of its common
stock at a public offering price of $6.85 per share. The aggregate
gross proceeds to Scholar Rock from this offering are expected to
be approximately $85.0 million, before deducting underwriting
discounts and commissions and other offering expenses. All of the
shares are being offered by Scholar Rock. The offering is expected
to close on October 16, 2023, subject to the satisfaction of
customary closing conditions. In addition, Scholar Rock has granted
the underwriters a 30-day option to purchase up to an additional
1,861,314 shares of common stock at the public offering price, less
the underwriting discounts and commissions.
Scholar Rock intends to use the net proceeds from the offering
to advance apitegromab, develop its clinical and preclinical
pipeline, as well as for working capital and other general
corporate purposes.
J.P. Morgan Securities LLC and Piper Sandler & Co. are
acting as joint book-running managers for the offering. BMO Capital
Markets Corp. and Wedbush Securities Inc. are acting as co-managers
for the offering.
The securities described above are being offered by Scholar Rock
pursuant to a shelf registration statement on Form S-3 (No.
333-268329) that was declared effective by the Securities and
Exchange Commission (SEC) on November 25, 2022. A preliminary
prospectus supplement and accompanying prospectus describing the
terms of the offering were filed with the SEC on October 11, 2023,
and are available on the SEC’s website located at www.sec.gov. A
copy of the final prospectus supplement and accompanying prospectus
relating to the offering will be filed with the SEC and may be
obtained, when available, by contacting: J.P. Morgan Securities
LLC, c/o: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, by telephone at 866-803-9204 or by email at
prospectus-eq_fi@jpmchase.com; or Piper Sandler & Co., 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus
Department, by telephone at 800-747-3924 or by email at
prospectus@psc.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, and
fibrosis. 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
anticipated closing date of the offering and the expected use of
proceeds from the 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, 2023, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231011392107/en/
Scholar Rock:
Investors Rushmie Nofsinger Scholar Rock
rnofsinger@scholarrock.com ir@scholarrock.com 857-259-5573
Media Molly MacLeod Scholar Rock mmacleod@scholarrock.com
media@scholarrock.com 802-579-5995
Scholar Rock (NASDAQ:SRRK)
Historical Stock Chart
From Apr 2024 to May 2024
Scholar Rock (NASDAQ:SRRK)
Historical Stock Chart
From May 2023 to May 2024