Madrigal Pharmaceuticals Announces Pricing of Secondary Offering
December 10 2019 - 11:58PM
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
pricing of the previously-announced underwritten secondary offering
by investment funds affiliated with Bay City Capital LLC, of
1,200,000 shares of Madrigal’s common stock at the public offering
price of $107.85 per share. In connection with the offering, the
selling stockholders have granted the underwriter an option,
exercisable for 30 days after December 10, 2019, to purchase up to
180,000 additional shares of common stock, at the public offering
price, less underwriting discounts, from the selling stockholders.
The offering is expected to close on or about December 13, 2019,
subject to the satisfaction of customary closing conditions.
Madrigal did not issue or offer 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 acted 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. The
prospectus supplement relating to, and describing the terms of,
this offering will be filed with the SEC and will be available on
the SEC’s website for free at www.sec.gov. Copies of the prospectus
supplement and the accompanying prospectus relating to these
securities may also be obtained, when available, 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 RelationsMadrigal Pharmaceuticals,
Inc.Marc SchneebaumIR@madrigalpharma.com
Media Contact Sam Brown Inc. Kristin Paulina,
610-524-2959 kristinpaulina@sambrown.com
Madrigal Pharmaceuticals (NASDAQ:MDGL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Madrigal Pharmaceuticals (NASDAQ:MDGL)
Historical Stock Chart
From Apr 2023 to Apr 2024