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Forte Biosciences, Inc. Announces Oversubscribed $53 Million Private Placement From Leading Healthcare Institutional Investors to Advance FB102 Across Autoimmune Indications
DALLAS--(BUSINESS WIRE)-- Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a clinical-stage biopharmaceutical company focused on autoimmune and
About this update from Forte Biosciences, Inc.
[{"type":"text","content":" DALLAS--(BUSINESS WIRE)--\nForte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a clinical-stage biopharmaceutical company focused on autoimmune and autoimmune-related diseases, today announced an oversubscribed $53 million equity financing to support the continuing clinical advancement of FB102.\n\n\n“We are appreciative of the support from new and existing investors including OrbiMed, Janus Henderson Investors, Tybourne Capital Management, Alger, Ikarian Capital, LLC, BVF Partners LP, and The Red Hook Fund LP. This financing by high quality institutional investors is transformative for Forte and highlights the meaningful potential for FB102. As a result of the financing, Forte is well capitalized to continue advancing FB102 across autoimmune indications. As we have previously indicated, the healthy volunteer study has completed and a celiac disease trial is underway with a topline readout projected in the second quarter of 2025. We expect to advance FB102 into additional indications over the next 12 months. 2025 could be an exciting year of clinical milestones for FB102,” said Paul Wagner, Ph.D., Chairman and Chief Executive Officer of Forte Biosciences.\n\n\nForte Biosciences will be hosting an R&D Day on December 3rd with additional details forthcoming.\n\n\nTD Cowen acted as the lead placement agent for the financing. Guggenheim Securities provided Capital Markets Advisory services to Forte Biosciences. Chardan, Rodman & Renshaw and Brookline Capital Markets acted as co-placement managers for the financing.\n\n\nAbout Forte\n\n\nForte Biosciences, Inc. is a clinical-stage biopharmaceutical company that is advancing FB102, which is a proprietary anti-CD122 monoclonal antibody therapeutic candidate with potentially broad autoimmune and autoimmune-related indications.\n\n\nFinancing Disclosures\n\n\nThe securities to be sold in this financing have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other applicable jurisdiction's securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions' securities laws. Pursuant to the securities purchase agreement, Forte Biosciences has agreed to file a registration statement...