SAN DIEGO, Calif., Dec. 11, 2017 /PRNewswire/ -- Viking
Therapeutics, Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage
biopharmaceutical company focused on the development of novel
therapies for metabolic and endocrine disorders, today announced
the closing of its previously announced underwritten public
offering of 5,900,000 shares of its common stock, including 769,565
shares sold pursuant to the underwriters' full exercise of their
option to purchase additional shares to cover over-allotments, at a
public offering price of $2.50 per
share, before deducting underwriting discounts and commissions and
estimated offering expenses payable by Viking. The gross
proceeds to Viking from this offering are approximately
$14.8 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses. Viking currently intends to use the net proceeds from the
offering for continued development of its VK5211, VK2809 and VK0214
programs and for general research and development, working capital
and general corporate purposes.
William Blair & Company,
L.L.C. acted as sole book-running manager for the offering and
Maxim Group LLC and Roth Capital Partners acted as co-managers for
the offering.
The securities described above were offered by Viking pursuant
to a shelf registration statement on Form S-3 (File No. 333-212134)
previously filed with and declared effective by the Securities and
Exchange Commission (the "SEC") on June 20,
2016, as amended by Amendment No. 1 thereto, previously
filed with the SEC on July 26, 2016,
and declared effective on July 26,
2016. A final prospectus supplement and accompanying
prospectus related to the offering was filed with the SEC on
December 7, 2017 and is available on
the SEC's website at http://www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus relating to
the offering may also be obtained from William Blair & Company, L.L.C. at 150 North
Riverside Plaza, Chicago, Illinois
60606, Attention: Prospectus Department, by telephone at (800)
621-0687, or by email at prospectus@williamblair.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, 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 the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical
company focused on the development of novel, first-in-class or
best-in-class therapies for metabolic and endocrine
disorders. The company's research and development activities
leverage its expertise in metabolism to develop innovative
therapeutics designed to improve patients' lives. Viking has
exclusive worldwide rights to a portfolio of five therapeutic
programs in clinical trials or preclinical studies, which are based
on small molecules licensed from Ligand Pharmaceuticals
Incorporated. The company's clinical programs include VK5211,
an orally available, non-steroidal selective androgen receptor
modulator, or SARM, in Phase 2 development for the treatment and
prevention of lean body mass loss in patients who have undergone
hip fracture surgery, VK2809, a small molecule thyroid beta agonist
in Phase 2 development for hypercholesterolemia and non-alcoholic
fatty liver disease, and VK0612, a first-in-class, orally available
drug candidate in Phase 2 development for type 2 diabetes.
Viking is also developing novel and selective agonists of the
thyroid beta receptor for GSD Ia and X-linked adrenoleukodystrophy,
as well as two earlier-stage programs targeting metabolic diseases
and anemia.
Forward-Looking Statements
Viking cautions you that statements included in this press release
that are not a description of historical facts are forward-looking
statements. Words such as "expect," "anticipate," "intend," "plan,"
"believe," "seek," "estimate," "think," "may," "could," "will,"
"would," "should," "continue," "potential," "likely," "opportunity"
and similar expressions or variations of such words are intended to
identify forward-looking statements, but are not the exclusive
means of identifying forward-looking statements. These statements
are based on Viking's current beliefs and expectations. These
forward-looking statements include statements regarding the amount
and anticipated use of proceeds from the offering. The inclusion of
forward-looking statements should not be regarded as a
representation by Viking that any of its plans will be achieved.
Actual results may differ from those set forth in this press
release due to the risks and uncertainties associated with market
conditions and other risks and uncertainties inherent in Viking's
business, including those described in Viking's periodic filings
with the SEC and the prospectus supplement and related prospectus
for this offering filed with the SEC. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. There may be events in the
future that Viking is unable to predict, or over which it has no
control, and Viking's business, financial condition, results of
operations and prospects may change in the future. Viking assumes
no responsibility to update or revise any forward-looking
statements to reflect events, trends or circumstances after the
date they are made, except as required by applicable law. All
forward-looking statements are qualified in their entirety by this
cautionary statement. This cautionary statement is made under the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995.
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SOURCE Viking Therapeutics, Inc.