BioCryst Withdraws Public Offering

Rhea-AI Summary

BioCryst Pharmaceuticals (BCRX) has withdrawn its proposed public offering due to unfavorable market conditions. The company expressed confidence in its strong balance sheet, reporting $222.8 million in liquid assets as of June 30, 2021. With continued revenue growth from ORLADEYO®, BioCryst anticipates a cash runway extending into 2023 and the ability to leverage an additional $75 million from its credit facility. The firm remains focused on developing treatments for rare diseases while maintaining a strong financial position to support its ongoing projects.

Positive

• Withdrawal of public offering indicates strong financial positioning.
• Strong balance sheet with $222.8 million in liquid assets.
• Anticipated cash runway extends into 2023.

Negative

• Withdrawal may limit immediate capital raising opportunities.

RESEARCH TRIANGLE PARK, N.C., Aug. 10, 2021 (GLOBE NEWSWIRE) -- BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) announced today that it has withdrawn its proposed public offering. With our strong balance sheet, and increasing revenues from ORLADEYO^® (berotralstat), we believe that current market conditions are not conducive to an offering on terms that would be in the best interests of our current stockholders.   We are well capitalized, with cash, cash equivalents, restricted cash and investments of $222.8 million as of June 30, 2021.   Based on our expectations for revenue, operating expenses, and our option to access an additional $75 million from our existing credit facility, we believe our current cash runway takes us into 2023.

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. Oral, once-daily ORLADEYO^® (berotralstat) is approved in the United States, the European Union, Japan and the United Kingdom for the prevention of HAE attacks in adults and pediatric patients 12 years and older. BioCryst has several ongoing development programs including BCX9930, an oral Factor D inhibitor for the treatment of complement-mediated diseases, BCX9250, an ALK-2 inhibitor for the treatment of fibrodysplasia ossificans progressiva, and galidesivir, a potential treatment for Marburg virus disease and Yellow Fever. RAPIVAB^® (peramivir injection), a viral neuraminidase inhibitor for the treatment of influenza, has received regulatory approval in the U.S., Canada, Australia, Japan, Taiwan and Korea. Post-marketing commitments for RAPIVAB are ongoing.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding future results, performance or achievements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including risks and uncertainties associated with BioCryst’s financial results, which may not be consistent with expectations, and other risks and uncertainties inherent in BioCryst’s business. Please refer to the documents 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, all of which identify important factors that could cause the actual results to differ materially from those contained in BioCryst’s forward-looking statements.

BCRXW

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

Media:
Catherine Collier Kyroulis
+1 917 886 5586
ckyroulis@biocryst.com

FAQ

Why did BioCryst Pharmaceuticals (BCRX) withdraw its public offering?

BioCryst withdrew its proposed public offering due to unfavorable market conditions that were not conducive to securing terms beneficial for shareholders.

What is the current cash position of BioCryst Pharmaceuticals?

As of June 30, 2021, BioCryst reported cash, cash equivalents, restricted cash, and investments totaling $222.8 million.

How long is BioCryst Pharmaceuticals' cash runway expected to last?

BioCryst Pharmaceuticals expects its current cash runway to extend into 2023 based on anticipated revenues and operating expenses.

What are BioCryst Pharmaceuticals' future funding options?

BioCryst can access an additional $75 million from its existing credit facility, providing further financial flexibility.