89bio Announces Closing of Upsized Public Offering of Common Stock and Exercise in Full of the Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

89bio, Inc. (Nasdaq: ETNB) has completed its upsized public offering of 3,047,040 shares of common stock, including the underwriters' additional purchase option. The offering price was $27.50 per share, generating approximately $83.8 million in gross proceeds, before expenses. This fundraise will support the development of innovative therapies for liver and cardio-metabolic diseases, particularly their lead candidate, BIO89-100, which is currently in clinical trials for NASH and NAFLD. The offering was led by BofA Securities, SVB Leerink, and RBC Capital Markets.

Positive

• Raised approximately $83.8 million in gross proceeds for business development.
• Funding will support the ongoing clinical trials of lead product candidate BIO89-100.

Negative

• None.

SAN FRANCISCO, July 13, 2020 (GLOBE NEWSWIRE) -- 89bio, Inc. (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases, announced the closing of its upsized underwritten public offering of 3,047,040 shares of common stock, which includes the exercise in full by the underwriters of their option to purchase up to 397,440 additional shares of common stock, at a public offering price of $27.50 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by 89bio, were approximately $83.8 million. All of the shares were offered by 89bio.

BofA Securities, SVB Leerink and RBC Capital Markets acted as joint book-running managers for the offering. Oppenheimer & Co. acted as co-manager for the offering.

The registration statements relating to these securities became effective on July 7, 2020. The offering was made solely by means of a prospectus. Copies of the prospectus related to the offering may be obtained from BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, or by email at dg.prospectus_requests@bofa.com; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, or by telephone at (800) 808-7525, ext. 6218, or by email at syndicate@svbleerink.com; or RBC Capital Markets LLC, Attention: Equity Syndicate Department, 200 Vesey Street, 8th Floor, New York, New York 10281, or by telephone at (877) 822-4089, or by email at equityprospectus@rbccm.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 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 89bio

89bio is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The company’s lead product candidate, BIO89-100, is being developed for the treatment of NASH and for the treatment of SHTG. BIO89-100 is a specifically engineered glycoPEGylated analog of FGF21 that is currently in a proof of concept Phase 1b/2a clinical trial in patients with NASH or NAFLD and a high risk of NASH. 89bio is headquartered in San Francisco with operations in Herzliya, Israel.

Investor Contact:
Ryan Martins
Chief Financial Officer
investors@89bio.com

Media Contact:
Lori Rosen
LDR Communications
917-553-6808
lori@ldrcommunications.com

FAQ

What is the purpose of 89bio's recent stock offering?

The offering aims to raise funds for the development of therapies for liver and cardio-metabolic diseases, particularly for clinical trials of BIO89-100.

How many shares did 89bio offer in its public offering?

89bio offered a total of 3,047,040 shares of common stock in its public offering.

What were the gross proceeds from the 89bio stock offering?

The gross proceeds from the offering were approximately $83.8 million before deducting expenses.

Who managed the public offering for 89bio?

The public offering was managed by BofA Securities, SVB Leerink, and RBC Capital Markets.

What is BIO89-100 being developed for?

BIO89-100 is being developed for the treatment of NASH (Non-Alcoholic Steatohepatitis) and SHTG (Severe Hypertriglyceridemia).