Belite Bio Announces $25 Million Registered Direct Offering
April 25 2024 - 7:15PM
Belite Bio, Inc (NASDAQ: BLTE) (“Belite Bio” or the “Company”), a
clinical-stage biopharmaceutical drug development company focused
on advancing novel therapeutics targeting degenerative retinal
diseases that have significant unmet medical needs, today announced
that it has entered into a securities purchase agreement with an
institutional investor, for the purchase and sale of up to an
aggregate of 651,380 American Depositary Shares of the Company
(“ADSs”), each ADS representing one ordinary share of the Company
at a purchase price of $38.38 per ADS, and the warrants to purchase
up to an aggregate of 651,380 ADSs, which will have an initial
exercise price equal to $44.14 per ADS and will be immediately
exercisable and expire on the five-year anniversary of the
issuance, in a registered direct offering. The closing of the
offering is expected to occur on or about April 30, 2024, subject
to the satisfaction of customary closing conditions.
The gross proceeds to the Company from the offering are expected
to be approximately $25 million (before any warrant exercise),
before deducting the expenses payable by the Company. The Company
intends to use the net proceeds from this offering for its clinical
trials and further clinical development of Tinlarebant, funding its
research and development of its other pipeline products and for
working capital and other general corporate purposes.
The securities described above are being offered and sold by the
Company in a registered direct offering pursuant to a “shelf”
registration statement on Form F-3 (File No. 333-272125) that was
originally filed with the Securities and Exchange Commission (the
“SEC”) on May 22, 2023, and declared effective on May 30, 2023. The
offering of such securities in the registered direct offering is
being made only by means of a prospectus supplement that forms a
part of the effective registration statement. A final prospectus
supplement and the accompanying base prospectus relating to the
registered direct offering will be filed with the SEC and will be
available on the SEC’s website at www.sec.gov. Electronic copies of
the final prospectus supplement and the accompanying base
prospectus may also be obtained, when available, from the
Company.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other 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 other
jurisdiction.
About Belite BioBelite Bio is a
clinical-stage biopharmaceutical drug development company focused
on advancing novel therapeutics targeting retinal degenerative eye
diseases which have significant unmet medical needs such as (i)
atrophic age-related macular degeneration (AMD), commonly known as
Geographic Atrophy (GA) in advanced dry AMD, and (ii) autosomal
recessive Stargardt disease type 1, or STGD1, in addition to
specific metabolic diseases. For more information, follow us on
Twitter, Instagram, LinkedIn, Facebook or visit us at
www.belitebio.com.
Important Cautions Regarding Forward Looking
StatementsThis press release contains forward-looking
statements, including statements about future expectations, plans
and prospects, as well as any statements regarding matters that are
not historical facts, and any other statements containing the words
“expect”, “will”, “believe”, “target”, and other similar
expressions. No assurance can be given that the proposed offering
will be completed on the terms described. Completion of the
proposed offering and the terms thereof are subject to numerous
factors, many of which are beyond the control of Belite Bio,
including, without limitation, market conditions, failure of
customary closing conditions and the risk factors and other matters
set forth in the prospectus supplement and accompanying prospectus
included in the registration statement. Actual results may also
differ materially from those indicated in the forward-looking
statements as a result of various important factors related to
Belite Bio’s business, including but not limited to Belite Bio’s
ability to demonstrate the safety and efficacy of its drug
candidates; the clinical results for its drug candidates, which may
not support further development or regulatory approval;
expectations for the timing of initiation, enrollment and
completion of, and data relating to, its clinical trials; the
content and timing of decisions made by the relevant regulatory
authorities regarding regulatory approval of Belite Bio’s drug
candidates; the potential efficacy of Tinlarebant, as well as those
risks more fully discussed in the “Risk Factors” section in Belite
Bio’s filings with the U.S. Securities and Exchange Commission. All
forward-looking statements are based on information currently
available to Belite Bio, and Belite Bio undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as may be required by law.
Media and Investor Relations
Contact:Jennifer Wu
/ir@belitebio.comJulie Fallon /
belite@argotpartners.com
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