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Monte Rosa Therapeutics Announces $25 Million Registered Direct Offering, Priced At- the-Market Under Nasdaq Rules
BOSTON, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Monte Rosa Therapeutics, Inc. (Nasdaq: GLUE), a clinical-stage biotechnology company developing novel molecular glue
About this update from Monte Rosa Therapeutics, Inc.
[{"type":"text","content":"BOSTON, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Monte Rosa Therapeutics, Inc. (Nasdaq: GLUE), a clinical-stage biotechnology company developing novel molecular glue degrader (MGD)-based medicines, today announced that it has raised $25 million at-the-market from a life sciences-dedicated investor. The company has entered into a definitive agreement for the issuance and sale of pre-funded warrants to purchase 10,000,400 shares of its common stock at an offering price of $2.4999 per pre-funded warrant, which represents the closing price for the common stock on October 25th less the $0.0001 per share exercise price for each pre-funded warrant. The pre-funded warrants will be immediately excercisable at a nominal exercise price of $0.0001 per share and may be exercised at any time until the pre-funded warrants are exercised in full. The closing of the offering is expected to occur on or about October 30, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds to Monte Rosa from this offering are expected to be approximately $25 million, before deducting certain offering expenses. Monte Rosa intends to use the net proceeds from the offering towards its further advancement of its clinical and late preclinical pipeline, including MRT-2359, its orally bioavailable, GSPT1-directed MGD, MRT-6160, its orally bioavailable VAV1-directed MGD, and its NEK7 program, to key value inflection points. The securities above are being offering pursuant to a shelf registration statement on Form S-3 (333-266003) that was filed with the Securities and Exchange Commission (the “SEC”) on July 1, 2022, and was declared effective by the SEC on July 13, 2022. The offering is being made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. A prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of offers to buy any of the securities being offered, and shall not constitute an offer, solicitation or sale of any security 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 jurisdic...