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

Rhea-AI Summary

Verve Therapeutics (Nasdaq: VERV) has successfully closed an upsized public offering of 9,583,334 shares at $27.00 per share, generating gross proceeds of $258.8 million. The offering's total includes 1,250,000 shares from underwriters' exercised options. Shares were sold under a shelf registration statement approved by the SEC. This financing aims to advance Verve's gene editing therapies targeting cardiovascular disease.

Positive

• Raised $258.8 million in gross proceeds to support gene editing therapies.
• Strengthened financial position for future development of cardiovascular treatments.

Negative

• Potential dilution for existing shareholders due to new share issuance.

CAMBRIDGE, Mass., July 25, 2022 (GLOBE NEWSWIRE) -- Verve Therapeutics, Inc. (Nasdaq: VERV), a biotechnology company pioneering a new approach to the care of cardiovascular disease with single-course gene editing medicines, today announced the closing of its previously announced upsized underwritten public offering of 9,583,334 shares of its common stock at a public offering price of $27.00 per share, which includes 1,250,000 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock at the public offering price, less underwriting discounts and commissions. The total gross proceeds of the offering were $258.8 million, before deducting underwriting discounts and commissions and offering expenses payable by Verve. All of the shares in the offering were sold by Verve.

J.P. Morgan, Jefferies, Guggenheim Securities and William Blair acted as joint book-running managers for the offering.

The shares were offered by Verve pursuant to a shelf registration statement that was previously filed with the Securities and Exchange Commission (“SEC”) on July 1, 2022 and declared effective by the SEC on July 12, 2022.

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: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at 877-821-7388 or by email at prospectus_department@Jefferies.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at (212) 518-5548, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; or William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687, or by email at prospectus@williamblair.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 Verve Therapeutics

Verve Therapeutics, Inc. is a genetic medicines company pioneering a new approach to the care of cardiovascular disease, potentially transforming treatment from chronic management to single-course gene editing medicines. The company’s initial two programs target PCSK9 and ANGPTL3, genes that have been extensively validated as targets for lowering blood lipids such as low-density lipoprotein cholesterol (LDL-C), a root cause of cardiovascular disease.

Investor Contact
Jen Robinson
Verve Therapeutics, Inc.
jrobinson@vervetx.com 

Media Contact
Ashlea Kosikowski
1AB
ashlea@1abmedia.com 

FAQ

What is the purpose of Verve Therapeutics' recent public offering?

The recent public offering aims to finance the development of gene editing therapies targeting cardiovascular disease.

How much did Verve Therapeutics raise in their public offering?

Verve Therapeutics raised $258.8 million in gross proceeds from the public offering.

What was the share price in Verve Therapeutics' recent offering?

The shares were offered at a public price of $27.00 each.

What impact will the new share issuance have on Verve Therapeutics' shareholders?

The new share issuance could dilute the ownership percentage of existing shareholders.

Who managed the public offering for Verve Therapeutics?

J.P. Morgan, Jefferies, Guggenheim Securities, and William Blair acted as joint book-running managers for the offering.