Cogent Biosciences Announces Closing of Upsized Public Offering of Common Stock and Full Exercise of Underwriter's Option to Purchase Additional Shares

Rhea-AI Summary

Cogent Biosciences, Inc. (NASDAQ: COGT) has successfully closed an upsized public offering of 11,794,872 shares at $9.75 per share, raising approximately $108.1 million after costs. This includes the full exercise of the underwriters' option for an additional 1,538,461 shares. The proceeds are earmarked for the ongoing development and regulatory preparation of PLX9486, aimed at treating systemic mastocytosis and gastrointestinal stromal tumors (GIST). The offering was facilitated by Jefferies and Piper Sandler as joint book-running managers.

Positive

• Raised approximately $108.1 million, enhancing financial resources for drug development.
• Focus on developing PLX9486 for systemic mastocytosis and GIST, showing potential for significant market impact.

Negative

• None.

CAMBRIDGE, Mass., Dec. 4, 2020 /PRNewswire/ -- Cogent Biosciences, Inc. ("Cogent") (NASDAQ: COGT), a biotechnology company focused on developing precision therapies for genetically defined diseases, today announced the closing of its upsized underwritten public offering of 11,794,872 shares of its common stock at a public offering price of $9.75 per share. This includes the exercise in full by the underwriters of their 30-day option to purchase up to 1,538,461 additional shares of common stock. The aggregate proceeds to Cogent from the offering, after deducting the underwriting discounts and commissions and before estimated offering expenses, were approximately $108.1 million.

The net proceeds from the offering will be used for the continued development, regulatory and commercial preparation of PLX9486 to treat patients living with systemic mastocytosis and gastrointestinal stromal tumors (GIST).

Jefferies and Piper Sandler & Co. acted as joint book-running managers for the offering. Wedbush PacGrow, LifeSci Capital and Ladenburg Thalmann also acted as co-managers for the offering.

The shares of common stock described above were offered by Cogent Biosciences, Inc. pursuant to a registration statement previously filed with the Securities and Exchange Commission (the "SEC") that became effective on May 1, 2019. A final prospectus supplement and accompanying prospectus were filed with the SEC and available for free on the SEC's website at http://www.sec.gov. Registration statements relating to the securities were filed with, and declared effective by, the Securities and Exchange Commission (the "SEC") and became effective on May 1, 2019. Copies of the registration statements can be accessed through the SEC's website at www.sec.gov. The offering was made only by means of a prospectus supplement and accompanying base prospectus. Copies of the final prospectus relating to the offering may be obtained from the SEC's website at www.sec.gov or by request to Jefferies LLC (Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2^nd Floor, New York, New York 10022; telephone: 877-821-7388; email: Prospectus_Department@Jefferies.com): or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicolett Mall, J12SO3, Minneapolis Minnesota 55402, or by telephone at (800) 747-3924, or by email at prospectus@psc.com.

This press release shall not constitute an offer to sell or the 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.

About Cogent Biosciences, Inc.
Cogent Biosciences is a biotechnology company focused on developing precision therapies for genetically defined diseases. The most advanced clinical program, PLX9486, is a selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. KIT D816V is responsible for driving systemic mastocytosis, a serious disease caused by unchecked proliferation of mast cells. Exon 17 mutations are also found in patients with advanced gastrointestinal stromal tumors (GIST), a type of cancer with strong dependence on oncogenic KIT signaling. Cogent Biosciences is headquartered in Cambridge, MA. Visit our website for more information at www.cogentbio.com. Follow Cogent Biosciences on social media: Twitter and LinkedIn.

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/cogent-biosciences-announces-closing-of-upsized-public-offering-of-common-stock-and-full-exercise-of-underwriters-option-to-purchase-additional-shares-301186747.html

SOURCE Cogent Biosciences, Inc.

FAQ

What was the price per share in Cogent Biosciences' recent public offering?

The public offering price was $9.75 per share.

How many shares did Cogent Biosciences offer in its upsized public offering?

Cogent offered a total of 11,794,872 shares in the upsized public offering.

What will the proceeds from Cogent Biosciences' offering be used for?

The proceeds will be used for the continued development and regulatory preparation of PLX9486.

Who managed the recent public offering for Cogent Biosciences?

Jefferies and Piper Sandler acted as joint book-running managers for the public offering.

What are the potential applications of PLX9486 developed by Cogent Biosciences?

PLX9486 is aimed at treating patients with systemic mastocytosis and gastrointestinal stromal tumors (GIST).