89bio, Inc. (Nasdaq: ETNB), a clinical-stage biopharmaceutical
company focused on the development and commercialization of
innovative therapies for the treatment of liver and
cardio-metabolic diseases, today announced that it has commenced an
underwritten public offering of 3,000,000 shares of its common
stock, which includes 2,700,000 shares of the common stock offered
by the company and 300,000 shares of the common stock offered by
certain of the company’s stockholders. In addition, the company and
a selling stockholder is expected to grant the underwriters of the
offering an option for a period of 30 days to purchase up to an
additional 175,000 shares of common stock and 275,000 shares of
common stock, respectively, at the public offering price, less the
underwriting discounts and commissions. The offering is subject to
market and other conditions, and there can be no assurance as to
whether or when the offering may be completed, or as to the actual
size or terms of the offering.
89bio intends to use the net proceeds of the
offering, along with its existing cash and cash equivalents, to
accelerate and support its BIO89-100 programs in nonalcoholic
steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG), for
the manufacture and scale up of BIO89-100, and for other general
corporate purposes.
BofA Securities, SVB Leerink and RBC Capital
Markets are acting as lead book-running managers for the offering.
Raymond James is also acting as a book-running manager for the
offering.
A registration statement relating to these
securities has been filed with the Securities and Exchange
Commission (SEC) but has not yet become effective. These securities
may not be sold, nor may offers to buy be accepted, prior to the
time the registration statement becomes effective. This offering is
being made solely by means of a prospectus. Copies of the
preliminary prospectus related to the offering, when available, may
be obtained from BofA Securities, Attention: Prospectus Department,
NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte,
North Carolina 28255-0001, or by email at
dg.prospectus_requests@bofa.com; SVB Leerink LLC, Attention:
Syndicate Department, One Federal Street, 37th Floor, Boston,
Massachusetts 02110, or by telephone at (800) 808-7525, ext. 6132,
or by email at syndicate@svbleerink.com; RBC Capital Markets LLC,
Attention: Equity Syndicate Department, 200 Vesey Street, 8th
Floor, New York, New York 10281, or by telephone at (877) 822-4089,
or by email at equityprospectus@rbccm.com; or Raymond James &
Associates, Inc., Attention: Equity Syndicate, 880 Carillon
Parkway, St. Petersburg, Florida 33716, or by telephone at (800)
248-8863, or by email at prospectus@raymondjames.com.
This press release shall 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 any such state or jurisdiction.
About 89bio
89bio is a clinical-stage biopharmaceutical
company focused on the development and commercialization of
innovative therapies for the treatment of liver and
cardio-metabolic diseases. The company’s lead product candidate,
BIO89-100, is a specifically engineered glycoPEGylated analog of
FGF21. BIO89-100 is being developed for the treatment of
nonalcoholic steatohepatitis (NASH) and severe hypertriglyceridemia
(SHTG). 89bio is headquartered in San Francisco with operations in
Herzliya, Israel.
Forward Looking Statements
Certain statements in this press release may
constitute "forward-looking statements" within the meaning of the
federal securities laws, including, but not limited to, 89bio’s
expectations regarding the proposed offering and the anticipated
use of the net proceeds of the offering. Words such as “may,”
“might,” “will,” “objective,” “intend,” “should,” “could,” “can,”
“would,” “expect,” “believe,” “design,” “estimate,” “predict,”
“potential,” “develop,” “plan” or the negative of these terms, and
similar expressions, or statements regarding intent, belief, or
current expectations, are forward looking statements. While 89bio
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties (including, without limitation, those set
forth in 89bio’s filings with the SEC, many of which are beyond
89bio’s control and subject to change. Actual results could be
materially different. Risks and uncertainties include: changes as a
result of market conditions or for other reasons, the risk that the
offering will not be consummated, and the impact of general
economic, health, industrial or political conditions in the United
States or internationally; and other risks and uncertainties
identified in 89bio’s Annual Report on Form 10-K for the year ended
December 31, 2019 and its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2020 and other subsequent disclosure
documents filed with the SEC. 89bio claims the protection of the
Safe Harbor contained in the Private Securities Litigation Reform
Act of 1995 for forward-looking statements. 89bio expressly
disclaims any obligation to update or alter any statements whether
as a result of new information, future events or otherwise, except
as required by law.
Investor Contact: Ryan Martins Chief Financial Officer
investors@89bio.com
Media Contact: Lori Rosen LDR Communications
917-553-6808 lori@ldrcommunications.com
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