Edgewise Therapeutics Announces Pricing of Initial Public Offering

Rhea-AI Summary

Edgewise Therapeutics, Inc. (NASDAQ: EWTX) has priced its initial public offering (IPO) of 11,000,000 shares at $16.00 each, aiming for gross proceeds of $176 million. The shares will trade on the Nasdaq Global Select Market starting March 26, 2021, with the offering closing on March 30, 2021, pending customary conditions. The underwriters also have a 30-day option to purchase an additional 1,650,000 shares. J.P. Morgan, Goldman Sachs, and SVB Leerink are leading the offering.

Positive

• Gross proceeds of offering expected to be $176 million.
• Underwriters have a 30-day option to purchase an additional 1,650,000 shares, indicating strong interest.

Negative

• Potential dilution of shares for existing investors due to new offering.

Edgewise Therapeutics, Inc. (NASDAQ: EWTX), a clinical-stage biopharmaceutical company focused on developing orally bioavailable, small molecule therapies for rare muscle disorders, announced today the pricing of its underwritten initial public offering of 11,000,000 shares of its common stock at a public offering price of $16.00 per share. The shares are expected to begin trading on the Nasdaq Global Select Market on March 26, 2021 under the ticker symbol “EWTX.” The offering is expected to close on March 30, 2021, subject to the satisfaction of customary closing conditions.

All of the shares in the offering are being offered by Edgewise. The gross proceeds to Edgewise from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $176.0 million. In addition, Edgewise has granted the underwriters a 30-day option to purchase up to 1,650,000 additional shares of its common stock at the initial public offering price, less underwriting discounts and commissions.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and SVB Leerink LLC are acting as joint book-running managers for the offering. Wedbush Securities Inc. is acting as co-manager for the offering.

Registration statements relating to the offering have been filed with the Securities and Exchange Commission and became effective today. The offering is made only by means of a prospectus, copies of which may be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1115 Long Island Avenue, Edgewood, NY 11717, by phone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, phone: 1-866-471-2526 or by emailing prospectus-ny@ny.email.gs.com or from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@svbleerink.com. Copies of the final prospectus, when available, related to the offering will be available at www.sec.gov.

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

About Edgewise Therapeutics

Edgewise Therapeutics is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of innovative treatments for severe, rare muscle disorders for which there is significant unmet medical need. Guided by its holistic drug discovery approach to targeting the muscle as an organ, Edgewise has combined its foundational expertise in muscle biology and small molecule engineering to build its proprietary, muscle focused drug discovery platform. Edgewise’s platform utilizes custom-built high throughput and translatable systems that measure integrated muscle function in whole organ extracts to identify small molecule precision medicines regulating key proteins in muscle tissue, initially focused on addressing rare neuromuscular and cardiac diseases.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005996/en/

FAQ

What is Edgewise Therapeutics' initial public offering (IPO) date?

The IPO is set to begin trading on March 26, 2021.

How many shares is Edgewise Therapeutics offering in its IPO?

Edgewise is offering 11,000,000 shares.

What is the offering price for Edgewise Therapeutics' IPO?

The shares are priced at $16.00 each.

What are the expected gross proceeds from Edgewise Therapeutics' IPO?

The expected gross proceeds are $176 million.

Who are the underwriters for Edgewise Therapeutics' IPO?

The underwriters include J.P. Morgan, Goldman Sachs, and SVB Leerink.