Fulcrum Therapeutics Announces Closing of Public Offering of Common Stock and Full Exercise by Underwriters of Option to Purchase Additional Shares

Rhea-AI Summary

Fulcrum Therapeutics, Inc. (Nasdaq: FULC) has successfully closed its public offering of 4,600,000 shares at $11.00 each, generating total gross proceeds of $50.6 million. This offering included 600,000 shares from underwriters exercising their option to purchase additional shares. The company aims to utilize these funds to advance its clinical trials for treatments targeting genetically defined rare diseases, including facioscapulohumeral muscular dystrophy and sickle cell disease.

Positive

• Total gross proceeds of $50.6 million from the public offering.
• Funds will support ongoing clinical trials and development of treatments for rare diseases.

Negative

• Issuing new shares may dilute existing shareholder value.

CAMBRIDGE, Mass., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc. (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases, today announced closing of its previously announced underwritten public offering of 4,600,000 shares of its common stock at a public offering price of $11.00 per share, which includes 600,000 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares at the public offering price, less underwriting discounts and commissions. The total gross proceeds of the offering were $50.6 million, before deducting underwriting discounts and commissions and offering expenses payable by Fulcrum. All of the shares in the offering were sold by Fulcrum.

SVB Leerink, Piper Sandler & Co. and Credit Suisse acted as joint book-running managers for the offering. H.C. Wainwright & Co. acted as lead manager for the offering.

The shares were offered by Fulcrum pursuant to a shelf registration statement on Form S-3 that was previously filed with and declared effective by the Securities and Exchange Commission (“SEC”).

This offering was made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained by contacting: SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525, ext. 6132, or by email at syndicate@svbleerink.com; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or by email at prospectus@psc.com; or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by telephone at (800) 221-1037, or by e-mail at usa.prospectus@credit-suisse.com.

This press release shall not constitute an offer to sell, or a 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 Fulcrum Therapeutics

Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Fulcrum’s proprietary product engine identifies drug targets which can modulate gene expression to treat the known root cause of gene mis-expression. The company has advanced losmapimod to Phase 2 clinical development for the treatment of facioscapulohumeral muscular dystrophy (FSHD) and Phase 3 for the treatment of COVID-19. Fulcrum has also advanced FTX-6058, a small molecule designed to increase expression of fetal hemoglobin for the treatment of sickle cell disease and beta-thalassemia, into Phase 1 clinical development.

Contact:
Christi Waarich
Director, Investor Relations
and Corporate Communications
617-651-8664
cwaarich@fulcrumtx.com

FAQ

What are the details of Fulcrum Therapeutics' recent stock offering?

Fulcrum Therapeutics closed a public offering of 4,600,000 shares at a price of $11.00 per share, generating $50.6 million in gross proceeds.

How will the funds from the offering be used by Fulcrum Therapeutics?

The funds will be used to advance clinical trials for treatments aimed at genetically defined rare diseases.

What impact does the offering have on Fulcrum Therapeutics' shareholders?

The offering may dilute existing shareholders' equity since new shares are issued.

Who managed the stock offering for Fulcrum Therapeutics?

SVB Leerink, Piper Sandler & Co., and Credit Suisse acted as joint book-running managers for the offering.