Assembly Biosciences, Inc (ASMB), a biotechnology company, on Friday announced that it has priced underwritten offering of 3.35 million shares of common stock at an offering price per share of common stock of $26.50, to raise around $100 million in gross proceeds.
Separately, the company announced plans to expand the clinical development of ABI-6250, its oral entry inhibitor candidate for chronic hepatitis delta virus (HDV) infection, into primary biliary cholangitis (PBC) and primary sclerosing cholangitis (PSC). This would broaden the program into cholestatic liver diseases.
In pre-market activity on Nasdaq, the stock is trading 9.6 percent higher at $29.05.
In the offering, the company also offered certain investors pre-funded warrants to purchase up to 415,000 shares of common stock at an offering price of $26,499 per prefunded warrant. This represents the per share offering less the $0.001 exercise price per share for each pre-funded warrant.
Assembly Bio has also granted the underwriters a 30-day option to purchase up to an additional 566,040 shares of common stock at the offering price.
The offering is expected to close on or about May 26, subject to the satisfaction of customary closing conditions.
The company expects to use the net proceeds to fund clinical development for piping candidates and other corporate purposes.
The participating investors include Gilead Sciences, Inc., Commodore Capital, Farallon Capital Management, Seven Fleet Capital and other companies, with H.C Headwright & Co acting as the lead manager of the offering.
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