BioCryst Announces Full Exercise of Underwriters’ Option to Purchase Additional Shares and Completion of Public Offering of Common Stock and Pre-Funded Warrants

Rhea-AI Summary

BioCryst Pharmaceuticals (Nasdaq: BCRX) has successfully completed a public offering of 22,044,447 shares of common stock, generating approximately $115 million in gross proceeds. This includes the full exercise of underwriters’ options for 3,333,334 shares and pre-funded warrants for up to 3,511,111 shares. The funds will be utilized for various purposes, including the development of berotralstat and BCX9930, regulatory activities, and general corporate needs.

Positive

• Raised approximately $115 million in gross proceeds.
• Funding will support development and regulatory activities for key drug programs including berotralstat and BCX9930.
• Funds will also cover post-approval commitments for RAPIVAB and other capital expenditures.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., June 01, 2020 (GLOBE NEWSWIRE) -- BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) announced today the completion of an underwritten public offering of 22,044,447 shares of its common stock, including 3,333,334 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares, and of pre-funded warrants to purchase up to an aggregate of 3,511,111 shares of common stock.  The gross proceeds from this offering to BioCryst, including from the shares sold pursuant to the underwriters’ option to purchase additional shares, were approximately $115 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by BioCryst. 

BioCryst expects to use the net proceeds of this offering for general corporate purposes, which may include, but are not limited to, worldwide development, manufacturing, regulatory, pre-launch and commercial activities for the prophylactic berotralstat (BCX7353) program in the United States and European Union; advancement of the worldwide development, manufacturing, regulatory and clinical activities for BCX9930 for complement-mediated diseases; post-approval commitments for RAPIVAB™/ALPIVAB™; and capital expenditures and other general working capital needs.

J.P. Morgan and Piper Sandler acted as joint book-running managers for the offering. H.C. Wainwright & Co. and JMP Securities acted as lead managers for the offering.

A shelf registration statement on Form S-3 relating to the shares of common stock described above has been previously filed with and declared effective by the U.S. Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

This offering was made by means of a prospectus supplement and related prospectus.  A prospectus supplement relating to the offering has been filed with the SEC and is available on its website at www.sec.gov.  Copies of the final prospectus supplement and accompanying prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 1-866-803-9204 or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone at 800-747-3924, or by email at prospectus@psc.com.

About BioCryst Pharmaceuticals

BioCryst Pharmaceuticals discovers novel, oral, small-molecule medicines that treat rare diseases in which significant unmet medical needs exist and an enzyme plays a key role in the biological pathway of the disease. BioCryst has several ongoing development programs including berotralstat (BCX7353), an oral treatment for hereditary angioedema, BCX9930, an oral Factor D inhibitor for the treatment of complement-mediated diseases, galidesivir, a potential treatment for COVID-19, Marburg virus disease and Yellow Fever, and BCX9250, an ALK-2 inhibitor for the treatment of fibrodysplasia ossificans progressiva. RAPIVAB® (peramivir injection), a viral neuraminidase inhibitor for the treatment of influenza, is BioCryst's first approved product and has received regulatory approval in the U.S., Canada, Australia, Japan, Taiwan, Korea and the European Union. Post-marketing commitments for RAPIVAB are ongoing.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding future results and achievements and use of proceeds. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance, achievements, or outcomes to be materially different from any future results, performances, achievements, or outcomes expressed or implied by the forward-looking statements, including risks and uncertainties associated with market conditions and other risks and uncertainties inherent in BioCryst’s business. Please refer to the documents that BioCryst files periodically with the SEC, specifically BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, which identify important factors that could cause the actual results to differ materially from those contained in BioCryst’s projections and forward-looking statements.

BCRXW

Contact:
John Bluth
+1 919 859 7910
jbluth@biocryst.com

FAQ

What is the amount raised in BioCryst's recent public offering?

BioCryst Pharmaceuticals raised approximately $115 million in gross proceeds from the recent public offering.

How many shares were sold in BioCryst's public offering?

A total of 22,044,447 shares of common stock were sold, including additional shares exercised by underwriters.

What will BioCryst do with the proceeds from the offering?

The proceeds will be used for general corporate purposes, including the development of berotralstat and BCX9930.

Who managed the BioCryst public offering?

J.P. Morgan and Piper Sandler acted as joint book-running managers for the offering.