SAN DIEGO, May 30, 2023 (GLOBE NEWSWIRE) -- Belite Bio, Inc (NASDAQ: BLTE) (“Belite Bio” or the “Company”), a clinical stage biopharmaceutical drug development company focused on advancing novel therapeutics targeting retinal degenerative eye diseases which have significant unmet medical needs, today announced that it has priced an underwritten public offering of 2,000,000 American Depositary Shares (“ADSs”), each representing one of its ordinary shares, and warrants to purchase 2,000,000 ordinary shares represented by ADSs, at a public offering price of $15.00 per ADS and accompanying warrant. The warrants will be exercisable immediately, will expire five years from the date of issuance and will have an exercise price of $18.00 per ADS. The gross proceeds of the offering to the Company are expected to be $30 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Belite Bio, and excluding the exercise of any warrants. All of the securities in the offering are to be sold by Belite Bio. The closing of the offering is expected to occur on or about June 2, 2023, subject to the satisfaction of customary closing conditions.
Belite Bio intends to use the net proceeds of the offering for clinical trials and further clinical development of Tinlarebant, funding its research and development of other pipeline products and for working capital and other general corporate purposes.
SVB Securities LLC, Cantor Fitzgerald & Co. and H.C. Wainwright & Co., LLC are acting as joint book-running managers for the offering.
The offering is being made pursuant to a prospectus supplement and accompanying prospectus included in Belite’s registration statement on Form F-3 (File No. 333-272125), which was declared effective on May 30, 2023. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by visiting EDGAR on the U.S. Securities and Exchange Commission (“SEC”) website at www.sec.gov. A final prospectus supplement will be filed with the SEC and will form a part of the registration statement. When available, copies of the final prospectus supplement may be obtained from SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@svbsecurities.com; or Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 4th Floor, New York, NY 10022,or by email at prospectus@cantor.com.
A registration statement relating to these securities has been filed with the SEC and has been declared effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.