Business
Sutro Biopharma Announces Closing of Upsized $144.9 Million Public Offering, including Full Exercise of the Underwriters' Option to Purchase Additional Shares
SOUTH SAN FRANCISCO, Calif., Dec. 11, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (Nasdaq: STRO), a clinical-stage drug discovery, development and
About this update from Sutro Biopharma, Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, Calif., Dec. 11, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (Nasdaq: STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation cancer and autoimmune therapeutics, today announced the closing of its upsized public offering of 6,900,000 shares of its common stock at a public offering price of $21.00 per share, which includes the exercise in full of the underwriters' option to purchase 900,000 shares of common stock. The gross proceeds from this offering were $144.9 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. Wedbush PacGrow and JMP Securities acted as co-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.\nThe shares were offered by Sutro pursuant to registration statements 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 Street, New York, New York 10001, by telephone at (800) 326-5897, or by email at [email protected]. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on...