Business
Sutro Biopharma Announces Closing of $98.0 Million Public Offering, Including Full Exercise of the Underwriters' Option to Purchase Additional Shares
SOUTH SAN FRANCISCO, Calif., May 14, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (Nasdaq: STRO), a clinical stage drug discovery, development and manufacturing
About this update from Sutro Biopharma, Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, Calif., May 14, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (Nasdaq: STRO), a clinical stage drug discovery, development and manufacturing company focused on deploying its proprietary integrated cell-free protein synthesis platform, XpressCF®, to create a broad variety of optimally designed, next-generation protein therapeutics initially for cancer and autoimmune disorders, today announced the closing of its public offering of 12,650,000 shares of its common stock at a public offering price of $7.75 per share, which includes the exercise in full of the underwriters' option to purchase 1,650,000 shares of common stock. The gross proceeds from this offering were approximately $98.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by Sutro. \nCowen, Piper Sandler and Wells Fargo Securities acted as joint book-running managers in the offering. \nSutro intends to use the net proceeds from the proposed offering, together with its existing cash, cash equivalents and marketable securities, to fund the continued clinical development of STRO-001 and STRO-002 and the remainder to fund the further development of its technology platform, including manufacturing, to broaden its pipeline of product candidates, and for working capital and general corporate purposes.\nKey investors in the offering included Baillie Gifford, BVF Partners L.P., EcoR1 Capital, Eventide Asset Management, RA Capital Management, and Samsara BioCapital, among others.\nThe shares were offered by Sutro pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission (SEC). A final prospectus supplement and the accompanying prospectus relating to this offering have been filed with the SEC. Copies of the final prospectus supplement may be obtained from: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, by telephone at (833) 297-2926, or by email at [email protected]; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at (800) 747-3924, or by email at [email protected]; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Str...