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

Rhea-AI Summary

Jasper Therapeutics, Inc. (Nasdaq: JSPR) has successfully completed a public offering of 69 million shares at $1.50 per share, raising approximately $103.5 million. The offering price includes an additional 9 million shares purchased by underwriters. Proceeds will support the development of briquilimab, a monoclonal antibody targeting c-Kit, aimed at treating chronic urticaria and myelodysplastic syndromes (MDS), along with potential use in stem cell transplant conditioning. Credit Suisse and William Blair served as book-running managers for the offering, which was run under an effective registration statement with the SEC.

Positive

• Raised approximately $103.5 million in gross proceeds.
• Funds will support the development of briquilimab for critical health conditions.
• Briquilimab has shown a demonstrated efficacy and safety profile in over 130 subjects.

Negative

• The offering may lead to shareholder dilution.

REDWOOD CITY, Calif., Jan. 27, 2023 (GLOBE NEWSWIRE) -- Jasper Therapeutics, Inc. (Nasdaq: JSPR) (“Jasper”), a biotechnology company focused on developing novel antibody therapies targeting c-Kit (CD117) to address diseases such as chronic spontaneous urticaria and lower to intermediate risk myelodysplastic syndromes (MDS) as well as novel stem cell transplant conditioning regimes, announced today the closing of its previously announced underwritten public offering of 69,000,000 shares of its common stock, at a public offering price of $1.50 per share, which includes the exercise in full by the underwriters of their option to purchase up to 9,000,000 additional shares of common stock. The gross proceeds from this offering are approximately $103.5 million, before deducting underwriting discounts and commissions and other offering expenses payable by Jasper.

Credit Suisse Securities (USA) LLC and William Blair & Company, L.L.C. acted as the active book-running managers for the offering. Oppenheimer & Co. Inc. acted as a passive book-running manager for the offering.

The securities described above were offered by Jasper pursuant to an effective “shelf” registration statement on Form S-3 (File No. 333-267777) previously filed with the Securities and Exchange Commission (the “SEC”) on October 7, 2022 and declared effective by the SEC on October 18, 2022. A final prospectus supplement and the accompanying prospectus relating to and describing the offering has been filed with the SEC. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained by visiting the SEC’s website at www.sec.gov or by contacting Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, by calling toll-free (800) 221-1037 or by emailing newyork.prospectus@credit-suisse.com, William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by calling toll-free (800) 621-0687, or by emailing prospectus@williamblair.com or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.

This press release does 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 the registration or qualification under the securities laws of any such state or jurisdiction.

About Jasper

Jasper is a clinical-stage biotechnology company developing briquilimab, a monoclonal antibody targeting c-Kit (CD117) as a therapeutic for chronic mast and stem cell diseases such as chronic urticaria and lower to intermediate risk myelodysplastic syndromes (MDS) and as a conditioning agent for stem cell transplants for rare diseases such as sickle cell disease (SCD), Fanconi anemia (FA) and severe combined immunodeficiency (SCID). To date, briquilimab has a demonstrated efficacy and safety profile in over 130 dosed subjects and healthy volunteers, with clinical outcomes as a conditioning agent in SCID, acute myeloid leukemia (AML), MDS, FA, and SCD. In addition, briquilimab is being advanced as a transformational non-genotoxic conditioning agent for gene therapy.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on our current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties involved include those associated with general economic and market conditions and our ability to satisfy closing conditions applicable to the offering, as well as other risk factors and matters set forth in our periodic filings with the SEC, including our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and the final prospectus supplement and the accompanying prospectus related to the public offering filed with the SEC. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts:

John Mullaly (investors)
LifeSci Advisors
617-429-3548
jmullaly@lifesciadvisors.com

Jeet Mahal (investors)
Jasper Therapeutics
650-549-1403
jmahal@jaspertherapeutics.com

Lauren Barbiero (media)
Real Chemistry
646-564-2156
lbarbiero@realchemistry.com

FAQ

What is the recent stock offering for Jasper Therapeutics (JSPR)?

Jasper Therapeutics recently completed a public offering of 69 million shares at $1.50 per share, raising approximately $103.5 million.

How will the funds raised by Jasper Therapeutics (JSPR) be used?

The funds will primarily support the development of briquilimab, a monoclonal antibody targeting c-Kit, for diseases like chronic urticaria and myelodysplastic syndromes.

Who managed the stock offering for Jasper Therapeutics (JSPR)?

Credit Suisse and William Blair were the book-running managers for the offering.

What are the potential risks of the stock offering for Jasper Therapeutics (JSPR)?

The stock offering could lead to dilution of existing shareholders' equity.