On January 28, 2025, 89bio, Inc. announced the pricing of an underwritten public offering, aiming to raise approximately $250.0 million in gross proceeds. The offering included 21,671,428 shares of common stock at $8.75 per share, and pre-funded warrants to purchase up to 6,900,000 shares at $8.749 per warrant.
The company also granted the underwriters a 30-day option to purchase up to an additional 4,285,714 shares of common stock. The net proceeds from this offering are intended to fund ongoing clinical activities and development of pegozafermin, manufacturing-related costs, and other general corporate purposes, including working capital and operating expenses.
This significant capital raise is crucial for 89bio to continue advancing its lead candidate, pegozafermin, through its Phase 3 clinical trials for metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). The funding ensures the company has the necessary resources to progress its pipeline towards potential commercialization.
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