VectivBio Announces Closing of $54 Million Aggregate Financing

Rhea-AI Summary

VectivBio Holding AG has successfully completed a public offering of 6,467,688 ordinary shares at $5.25 per share, generating approximately $34 million. Additionally, a private placement of 3,478,260 shares was executed at $5.75 per share, totaling gross proceeds of around $20 million. The public offering involved underwriters SVB Securities and Piper Sandler, with LifeSci Capital acting as co-manager. Forbion’s Growth Opportunities Fund II participated in the private placement, with potential board member nomination rights. Both offerings are aimed at supporting VectivBio's clinical-stage development of treatments for severe rare conditions.

Positive

• Raised approximately $34 million from public offering.
• Secured around $20 million from private placement.
• Involvement of Forbion’s Growth Opportunities Fund II indicates strong investor confidence.

Negative

• None.

BASEL, Switzerland, June 29, 2022 (GLOBE NEWSWIRE) -- VectivBio Holding AG (“VectivBio”) (Nasdaq: VECT), a clinical-stage biopharmaceutical company pioneering novel transformational treatments for severe rare conditions, announces it has closed each of its previously announced public offering of 6,467,688 ordinary shares, including the sale to the underwriters of 752,688 ordinary shares sold pursuant to the partial exercise of the underwriters’ previously granted option to purchase additional ordinary shares and its previously announced private placement for the sale of 3,478,260 ordinary shares to Forbion’s Growth Opportunities Fund II. All ordinary shares sold in the public offering were offered by VectivBio at a public offering price of $5.25 per share. The total gross proceeds to VectivBio from the public offering, including pursuant to the underwriters’ option, were approximately $34 million, before deducting underwriting discounts and commissions and offering expenses. All ordinary shares sold in the private placement transaction were offered by VectivBio at a price of $5.75 per ordinary share, for gross proceeds to VectivBio of approximately $20 million, before deducting financial advisory fees and other offering expenses.

SVB Securities and Piper Sandler acted as joint book-running managers for the public offering. LifeSci Capital acted as a co-manager for the public offering. SVB Securities, Piper Sandler and LifeSci Capital also acted as financial advisors for the private placement transaction.

Forbion is a leading European life sciences venture capital firm, which recently announced a €470 million (USD 500 million) first close of its Forbion Growth Opportunities Fund II, focused on investing in late-clinical stage European life sciences companies. Forbion will be allowed to nominate a board member subject to consent by VectivBio’s Board, which appointment is then to be confirmed at a shareholders’ meeting of VectivBio, to be held prior to the end of 2022.

A registration statement relating to the public offering securities has been filed with the U.S. Securities and Exchange Commission on Form F-3 (File No. 333-264653) and declared effective on May 12, 2022. The public offering was made only by means of a prospectus supplement. Copies of the final prospectus supplement and the accompanying prospectus related to the public offering may be obtained from: SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@svbsecurities.com; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, or by telephone at (800) 747-3924, or by email at prospectus@psc.com; or by accessing the U.S. Securities and Exchange Commission’s website at www.sec.gov.

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.

The ordinary shares sold in the concurrent private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements.

About VectivBio AG

VectivBio is a global clinical-stage biotechnology company focused on transforming and improving the lives of patients with severe rare conditions. Lead product candidate apraglutide is a next-generation, long-acting synthetic GLP-2 analog being developed for a range of rare gastrointestinal diseases where GLP-2 can play a central role in addressing disease pathophysiology, including short bowel syndrome with intestinal failure (SBS-IF) and Acute Graft-Versus-Host Disease (aGVHD).

VectivBio is also advancing its modular, small molecule CoMET platform to address a broad range of previously undruggable Inherited Metabolic Diseases (IMDs). CoMET leverages innovative chemistry, based on a proprietary stabilized pantetheine backbone, to restore fundamental cellular metabolism in pediatric populations with IMDs characterized by a deficit of energy metabolism caused by the depletion of functional Coenzyme A (“CoA”). Candidates from the CoMET platform are initially being evaluated in methylmalonic acidemia (MMA), propionic acidemia (PA), and other organic acidimias.

VectivBio Contacts:
Patrick Malloy
VectivBio SVP, Investor Relations and Strategic Communications
Patrick.malloy@vectivbio.com

FAQ

What is the total amount raised by VectivBio from the public offering and private placement?

VectivBio raised approximately $34 million from the public offering and around $20 million from the private placement.

What is the share price for VectivBio's public offering?

The public offering price for VectivBio's shares was $5.25 per share.

Who were the underwriters for VectivBio's public offering?

The underwriters for VectivBio’s public offering were SVB Securities and Piper Sandler.

What rights does Forbion have in VectivBio following the private placement?

Forbion is allowed to nominate a board member subject to VectivBio’s Board consent.

What company is VectivBio focused on developing treatments for?

VectivBio is focused on developing treatments for severe rare conditions.

When was the public offering registration statement declared effective?

The public offering registration statement was declared effective on May 12, 2022.