SAN DIEGO, June 12, 2018 /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 8,625,000 shares of its common stock, including
1,125,000 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 $9.00 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 $77.6 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
VK2809, VK5211 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,
SunTrust Robinson Humphrey, Inc. acted as lead manager for the
offering and Maxim Group LLC and Roth Capital Partners acted as
co-managers for the offering. H.C. Wainwright & Co. and Laidlaw
& Company (UK) Ltd. acted as financial advisors 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 and a registration statement on Form S-3 (File No.
333-225479) filed by Viking with the SEC on June 7, 2018, which became effective upon filing
in accordance with Rule 462(b) under the Securities Act of 1933, as
amended. A final prospectus supplement and accompanying
prospectus related to the offering was filed with the SEC on
June 7, 2018 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. The company's clinical programs include VK5211, an
orally available, non-steroidal selective androgen receptor
modulator. In a Phase 2 trial in patients recovering from hip
fracture, patients who received VK5211 experienced significant
improvements in measures of lean body mass compared to patients who
received placebo. The company's second clinical program is
evaluating VK2809, a small molecule thyroid beta agonist in a Phase
2 trial for the treatment of non-alcoholic fatty liver disease and
hypercholesterolemia. The company is also developing VK0612,
a first-in-class, orally available drug candidate in Phase 2
development for type 2 diabetes. Additional programs include
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. Viking
holds exclusive worldwide rights to a portfolio of five therapeutic
programs in clinical trials or preclinical studies, including those
noted above, which are based on small molecules licensed from
Ligand Pharmaceuticals Incorporated.
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.