DICE Therapeutics Announces Closing of Upsized Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

DICE Therapeutics, Inc. (Nasdaq: DICE) successfully closed an upsized public offering of 9,452,054 common shares on October 17, 2022, raising approximately $345 million at a price of $36.50 per share. The offering included the full exercise of underwriters’ option for 1,232,876 additional shares. BofA Securities, SVB Securities, Evercore ISI, and Guggenheim Securities managed the offering. The shares were offered under a previously filed SEC registration statement, with relevant prospectus details available on the SEC’s website.

Positive

• Raised approximately $345 million to fund research and development.
• Increased investor confidence through successful upsized offering.

Negative

• Potential shareholder dilution due to increased share count.

SOUTH SAN FRANCISCO, Calif., Oct. 17, 2022 (GLOBE NEWSWIRE) -- DICE Therapeutics, Inc. (Nasdaq: DICE), a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas, today announced the closing on October 17, 2022 of its previously announced upsized underwritten public offering of 9,452,054 shares of its common stock, including the full exercise of the underwriters’ option to purchase 1,232,876 additional shares, at a public offering price of $36.50 per share. All shares of common stock were offered by DICE. The gross proceeds to DICE from the offering, before deducting underwriting discounts and commissions and other offering expenses, were approximately $345.0 million.

BofA Securities, SVB Securities, Evercore ISI and Guggenheim Securities acted as the joint book-running managers for the offering.

The securities were offered by DICE pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission (SEC). The offering was made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and accompanying base prospectus relating to and describing the terms of the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus may also be obtained from: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@svbsecurities.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

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

About DICE Therapeutics, Inc.
DICE Therapeutics, Inc. is a biopharmaceutical company leveraging its proprietary technology platform to build a pipeline of novel oral therapeutic candidates to treat chronic diseases in immunology and other therapeutic areas. DICE is initially focused on developing oral therapeutics against well-validated targets in immunology, with the goal of achieving comparable potency to their systemic biologic counterparts, which have demonstrated the greatest therapeutic benefit to date in these disease areas. The Company’s DELSCAPE platform is designed to discover selective oral small molecules with the potential to modulate protein-protein interactions (PPIs) as effectively as systemic biologics. DICE’s lead therapeutic candidates are oral antagonists of the pro-inflammatory signaling molecule, IL-17, which is a validated drug target implicated in a variety of immunology indications. DICE is also developing oral therapeutic candidates targeting α4ß7 integrin and αVß1/αVß6 integrin for the treatment of inflammatory bowel disease and idiopathic pulmonary fibrosis, respectively.

Contacts:

Katie Engleman, 1AB
katie@1abmedia.com

Investors:
investors@dicetx.com

FAQ

What was the purpose of DICE's recent public offering?

DICE aimed to raise funds for its research and development efforts.

How much money did DICE Therapeutics raise in its public offering?

DICE raised approximately $345 million from the offering.

What was the public offering price for DICE's shares?

The shares were offered at a public price of $36.50 each.

What are the implications of DICE's public offering for shareholders?

The public offering may lead to dilution of existing shareholders' equity.

Who managed DICE's public offering?

BofA Securities, SVB Securities, Evercore ISI, and Guggenheim Securities acted as joint book-running managers.