Angion Biomedica Corp. Announces Pricing of Initial Public Offering of Common Stock and Concurrent Private Placement

Rhea-AI Summary

Angion Biomedica Corp. (NASDAQ:ANGN) has announced the pricing of its initial public offering (IPO) on February 4, 2021, offering 5,000,000 shares at $16.00 each, aiming for gross proceeds of $80 million. The shares will trade on the Nasdaq Global Select Market starting February 5, 2021. Additionally, Angion will sell 1,562,500 shares in a concurrent private placement at the same price to existing stockholder Vifor International, Ltd. Both offerings are set to close on February 9, 2021, pending customary conditions.

Positive

• Gross proceeds of $80 million from the IPO will enhance capital for growth.
• Concurrent private placement with Vifor International reflects investor confidence.

Negative

• Dilution risk for existing shareholders due to additional shares being issued.

UNIONDALE, N.Y., Feb. 05, 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 pricing of its initial public offering on February 4, 2021 of 5,000,000 shares of common stock at a public offering price of $16.00 per share, for gross proceeds of $80,000,000 million, before deducting the underwriting discounts and commissions and offering expenses. All of the shares of common stock are being offered by Angion. Angion has also granted the underwriters a 30-day option to purchase from Angion up to an additional 750,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions. Angion’s common stock has been approved for listing on The Nasdaq Global Select Market and is expected to begin trading under the ticker symbol “ANGN” on February 5, 2021. The offering is expected to close on February 9, 2021, subject to satisfaction of customary closing conditions.

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

A registration statement relating to the securities has been filed with the Securities and Exchange Commission and became effective 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, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, 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 via email at syndprospectus@stifel.com.

In addition to the shares being sold in the initial public offering, Angion has agreed to sell an additional 1,562,500 shares of its common stock in a concurrent private placement at at a public offering price of $16.00 per share to entities affiliated with Vifor International, Ltd., an existing stockholder. The sale of these shares of common stock will not be registered under the Securities Act of 1933, as amended, and will be subject to a 180-day lock-up agreement. The concurrent private placement is also scheduled to close on February 9, 2021, subject to satisfaction of customary closing conditions. The closing of Angion’s initial public offering is not conditioned upon the closing of the concurrent private placement, but the closing of the concurrent private placement is conditioned upon the closing of the initial public offering.

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 IPO pricing for Angion Biomedica Corp. (ANGN)?

Angion Biomedica's IPO is priced at $16.00 per share.

When will Angion Biomedica (ANGN) begin trading on Nasdaq?

Angion Biomedica's shares are expected to begin trading on February 5, 2021.

What are the expected gross proceeds from Angion Biomedica's IPO?

The expected gross proceeds from the IPO are $80 million.

Who are the underwriters for Angion Biomedica's IPO?

Cowen and Stifel are acting as joint book-running managers for the IPO.

What is the lock-up period for the concurrent private placement of Angion Biomedica (ANGN)?

The concurrent private placement is subject to a 180-day lock-up agreement.