Astria Therapeutics Announces Pricing of $100 Million Underwritten Offering of Common Stock

Rhea-AI Summary

Astria Therapeutics (ATXS) announced a public offering of 9,082,653 shares at $11.01 per share, aiming to raise approximately $100 million before expenses. Underwriters also hold a 30-day option to purchase an additional 1,362,397 shares. The offering is set to close around December 19, 2022, pending customary closing conditions. Jefferies and Evercore ISI are the joint book-running managers. The offering is conducted under a previously effective shelf registration statement with the SEC.

Positive

• Expected gross proceeds of approximately $100 million from the public offering.
• Opportunity for further capital raise with 30-day option for underwriters to purchase additional shares.

Negative

• Potential dilution for existing shareholders due to the large number of shares offered.

BOSTON--(BUSINESS WIRE)-- Astria Therapeutics, Inc. (“Astria Therapeutics,” “Astria,” the “Company,” “our,” or “us”) (Nasdaq: ATXS), a biopharmaceutical company developing STAR-0215 for the treatment of hereditary angioedema and focused on life-changing therapies for rare and niche allergic and immunological diseases, today announced the pricing of an underwritten offering of 9,082,653 shares of its common stock at a price of $11.01 per share. The gross proceeds of the offering are expected to be approximately $100 million, before deducting underwriting discounts and commissions and other estimated offering expenses. In addition, the underwriters have a 30-day option to purchase up to an additional 1,362,397 shares of common stock at the public offering price less underwriting discounts and commissions.

All of the securities are being offered by Astria. The offering is expected to close on or about December 19, 2022, subject to satisfaction of customary closing conditions.

Jefferies and Evercore ISI are acting as joint book-running managers for the offering. LifeSci Capital and Oppenheimer & Co. are acting as co-lead managers and H.C. Wainwright & Co. is acting as co-manager for the offering.

The securities described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-264911), which was declared effective by the Securities and Exchange Commission (the “SEC”) on May 23, 2022. The offering is being made only by means of a prospectus supplement and the accompanying prospectus. A prospectus supplement relating to the offering will be filed with the SEC and will be available at www.sec.gov. When available, copies of the prospectus supplement and the accompanying prospectus may be obtained for free by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52^nd Street, 35^th Floor, New York, NY 10055, or by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Astria Therapeutics

Astria Therapeutics is a biopharmaceutical company, and our mission is to bring life-changing therapies to patients and families affected by rare and niche allergic and immunological diseases. Our lead program, STAR-0215, is a monoclonal antibody inhibitor of plasma kallikrein in clinical development for the treatment of hereditary angioedema.

Forward Looking Statements

Any statements in this press release about future expectations, plans and prospects for the Company, including statements about the anticipated completion of the offering and the expected gross proceeds of the offering, among other things, statements containing the words “believes,” “anticipates,” “plans,” “expects,” “may” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks and uncertainties associated with market conditions, the satisfaction of customary closing conditions relating to the offering, as well as uncertainties inherent in the initiation and completion of preclinical studies and clinical trials and clinical development of the Company’s product candidates; whether interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; expectations for regulatory approvals to conduct trials or to market products; availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements; other matters that could affect the availability or commercial potential of the Company’s product candidates; and general economic and market conditions and other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which is on file with the SEC, and in other filings that the Company may make with the SEC in the future. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221215005384/en/

Investor relations:

Andrea Matthews

investors@astriatx.com

Media:

Elizabeth Higgins

media@astriatx.com

Source: Astria Therapeutics, Inc.

FAQ

What is the public offering price for Astria Therapeutics (ATXS)?

The public offering price for Astria Therapeutics (ATXS) is set at $11.01 per share.

How many shares is Astria Therapeutics offering?

Astria Therapeutics is offering 9,082,653 shares of its common stock.

What are the expected proceeds from the offering by ATXS?

The expected gross proceeds from the offering by Astria Therapeutics are approximately $100 million, before expenses.

When does the offering for ATXS close?

The offering for Astria Therapeutics is expected to close on or about December 19, 2022.

Who are the joint book-running managers for the ATXS offering?

Jefferies and Evercore ISI are acting as joint book-running managers for the offering.