Madrigal Pharmaceuticals Announces Secondary Offering of 1,200,000 Shares of Common Stock
December 10 2019 - 4:01PM
Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL)
(“Madrigal” or the “Company”), a clinical-stage biopharmaceutical
company focused on the development and commercialization of
innovative therapeutic candidates for the treatment of
cardiovascular, metabolic, and liver diseases, today announced the
commencement of an underwritten secondary offering of 1,200,000
shares of Madrigal’s common stock by investment funds affiliated
with Bay City Capital LLC. In connection with the offering, the
selling stockholders intend to grant the underwriter an option,
exercisable for 30 days after the date of entry into the
underwriting agreement related to the offering, to purchase up to
180,000 additional shares of common stock, at the public offering
price, less underwriting discounts, from the selling stockholders.
Madrigal is not issuing or offering any shares of common stock in
the offering and will not receive any proceeds from the sale of
shares in the offering.
Goldman Sachs & Co. LLC is acting as the
sole book running-manager for the offering.
The offering of these securities is being made
pursuant to an effective shelf registration statement on Form S-3
that was previously filed with and declared effective by the
Securities and Exchange Commission (SEC) on June 5, 2018 and only
by means of a prospectus and prospectus supplement. When available,
investors may obtain these documents for free by visiting EDGAR on
the SEC’s website at www.sec.gov. Alternatively, copies of the
prospectus supplement and the accompanying prospectus relating to
these securities, when available, may also be obtained by
contacting: Goldman Sachs & Co. LLC, Prospectus Department, 200
West Street, New York, NY 10282, telephone: 1-866-471-2526,
facsimile: 212-902-9316, or by emailing
prospectus-ny@ny.email.gs.com.
This press release shall 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 such
state or jurisdiction.
About Madrigal Pharmaceuticals,
Inc.
Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) is
a clinical-stage biopharmaceutical company pursuing novel
therapeutics that target a specific thyroid hormone receptor
pathway in the liver, which is a key regulatory mechanism common to
a spectrum of cardio-metabolic and fatty liver diseases with high
unmet medical need. Madrigal’s lead candidate, resmetirom, is a
first-in-class, orally administered, small-molecule,
liver-directed, thyroid hormone receptor (THR) β-selective agonist
that is currently in Phase 3 development for non-alcoholic
steatohepatitis (NASH).
Special Note About Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the Private Securities Litigation Reform Act of 1995, relating
to our operations, clinical trials plans and expectations, expected
financial condition and results of operation, and other business
matters that are based on our current expectations, assumptions,
and projections with respect to future, and are not a guarantee of
performance. Forward-looking statements include, but are not
limited to, statements related to Madrigal’s current expectations
regarding the performance of its business, financial results,
liquidity and capital resources, the results from ongoing and
planned clinical trials, the effects of competition and the effects
of future legislation or regulations and other non-historical
statements. Forward-looking statements include all statements that
are not historical facts and, in some cases, can be identified by
the use of forward-looking terminology such as the words “outlook,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “could,” “seeks,” “projects,” “predicts,” “intends,”
“plans,” “estimates,” “anticipates” or the negative version of
these words or other comparable words. Forward-looking statements
involve risks, uncertainties and assumptions. Actual results may
differ materially from those expressed in these forward-looking
statements. You should not put undue reliance on any
forward-looking statements in this press release. Additional
factors that could cause Madrigal’s results to differ materially
from those described in the forward-looking statements can be found
under the sections entitled “Cautionary Note About Forward-Looking
Statements,” “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” (or
similar captions) in Madrigal’s Annual Report on Form 10-K for the
year ended December 31, 2018 and Madrigal’s prospectus supplement
related to the offering, filed with the SEC, as such factors may be
updated from time to time in Madrigal’s periodic reports or other
filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov. Forward-looking statements speak only as of the date
on which they are made and Madrigal undertakes no obligation to
update or revise publicly any guidance or other forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as required by law.
For more information,
contact:
Investor Relations Madrigal
Pharmaceuticals, Inc. Marc Schneebaum IR@madrigalpharma.com
Media Contact Sam Brown Inc.
Kristin Paulina, 610-524-2959 kristinpaulina@sambrown.com
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