Angion Biomedica Corp. Announces Closing of $117 Million Initial Public Offering and Concurrent Private Placement, Including Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Angion Biomedica Corp. (NASDAQ:ANGN) has successfully closed its initial public offering (IPO) and concurrent private placement, raising $117 million in gross proceeds. The IPO involved 5,750,000 shares priced at $16.00 each, including an extra 750,000 shares purchased by underwriters. Additionally, a private placement of 1,562,500 shares was completed with Vifor International, totaling $25 million. The shares are subject to a 180-day lock-up period. Angion's stock is now listed on the Nasdaq Global Select Market under the ticker symbol 'ANGN'.

Positive

• Raised $117 million in gross proceeds from IPO and private placement.
• Successfully completed IPO at a price of $16.00 per share, strengthening financial position.
• Increased visibility and credibility with listing on Nasdaq Global Select Market.

Negative

• Issuance of additional shares may lead to shareholder dilution.

UNIONDALE, N.Y., Feb. 09, 2021 (GLOBE NEWSWIRE) -- Angion Biomedica Corp. (Angion) (NASDAQ:ANGN), a late-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases, today announced the closing of $117 million in gross proceeds from its previously announced initial public offering and concurrent private placement.

The initial public offering of 5,750,000 shares of common stock at a public offering price of $16.00 per share includes the full exercise by the underwriters of their option to purchase an additional 750,000 shares of common stock. Aggregate gross proceeds to Angion were $92.0 million, before deducting underwriting discounts, commissions, and offering expenses. All of the shares in the initial public offering were offered by Angion.

In addition to the shares being sold in the initial public offering, Angion closed a concurrent private placement of an additional 1,562,500 shares of its common stock at the public offering price of $16.00 per share to entities affiliated with Vifor International, Ltd., an existing stockholder, for aggregate gross proceeds of $25.0 million. The sale of these shares of common stock was not registered under the Securities Act of 1933, as amended, and the sold shares are subject to a 180-day lock-up agreement.

Angion’s common stock is now listed on The Nasdaq Global Select Market under the ticker symbol “ANGN”.

Cowen and Stifel acted as joint book-running managers for the initial public offering. H.C. Wainwright & Co. and Oppenheimer & Co. acted as co-lead managers for the initial public offering.

A registration statement relating to the shares sold in the initial public offering was declared effective by the Securities and Exchange Commission on February 4, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained from: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attention: Prospectus Department, by telephone at (833) 297-2926 or by email at PostSaleManualRequests@broadridge.com; or Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction.

FAQ

What is the total amount raised by Angion Biomedica in the IPO?

Angion Biomedica raised $117 million in gross proceeds from its IPO and concurrent private placement.

How many shares were offered in Angion's initial public offering?

Angion offered 5,750,000 shares in its initial public offering.

What was the public offering price of Angion's shares?

The public offering price for Angion's shares was $16.00 each.

What is the ticker symbol for Angion Biomedica?

Angion Biomedica's stock is listed under the ticker symbol 'ANGN' on Nasdaq.

Who managed the initial public offering for Angion Biomedica?

Cowen and Stifel acted as joint book-running managers for Angion's IPO.