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Aileron Therapeutics Announces Completion of $35.9 Million Registered Direct Offering with Participation by New Fundamental Healthcare Investors Acorn Bioventures, BVF Partners, L.P. and Maven Investment Partners
-- Several existing Aileron investors, including Satter Medical Technology Partners and Lincoln Park Capital Fund, LLC, also participated in the offering -- –
About this update from Rein Therapeutics, Inc.
[{"type":"text","content":"-- Several existing Aileron investors, including Satter Medical Technology Partners and Lincoln Park Capital Fund, LLC, also participated in the offering -- – Aileron plans to use net proceeds to undertake Phase 1b chemoprotection trial of ALRN-6924 in patients with p53-mutated advanced non-small cell lung cancer (NSCLC) -- -- Company plans to initiate the randomized, placebo-controlled Phase 1b NSCLC trial in second quarter 2021, marking expansion of ALRN-6924 clinical development into large cancer indication -- WATERTOWN, Mass., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Aileron Therapeutics, Inc. (Nasdaq: ALRN) today announced the completion of its previously announced registered direct offering of 32,630,983 of its shares of common stock at a purchase price of $1.10 per share, for gross proceeds of $35.9 million, before deducting placement agent fees and other offering expenses payable by Aileron. Aileron is developing ALRN-6924 as a novel medicine to selectively protect healthy cells in patients with cancers that harbor p53 mutations to reduce or eliminate chemotherapy-induced side effects while preserving chemotherapy’s effects against cancer cells, a concept known as chemoprotection. New fundamental investors, including Acorn Bioventures, BVF Partners, L.P., Maven Investment Partners and Grand Oaks Capital, participated in the offering, in addition to several existing Aileron investors, including Satter Medical Technology Partners and Lincoln Park Capital Fund, LLC. JonesTrading Institutional Services LLC (\"JonesTrading\") acted as the placement agent for the offering. In addition to the $35.9 million registered direct offering, between November 12, 2020 and January 5, 2021, Aileron sold an aggregate of 9,894,519 shares of its common stock in “at the market” offerings under the Capital on DemandTM Sales Agreement with JonesTrading resulting in aggregate gross proceeds of approximately $12.7 million. Gross proceeds combined from both offerings were $48.6 million before deducting commissions and fees. With the proceeds from these transactions, Aileron believes that its cash, cash equivalents and investments will enable it to fund its current strategic plan into the second half of 2023, including the planned clinical trial of ALRN-6924 in patients with advanced non-small cell lung cancer (NSCLC). “We are thrilled to welcome Acorn Bi...