SOUTH SAN FRANCISCO, Calif., April 02, 2024 (GLOBE NEWSWIRE) — Sutro Biopharma, Inc. (Sutro or the Firm) (NASDAQ: STRO), a clinical-stage oncology firm pioneering site-specific and novel-format antibody drug conjugates (ADCs), right this moment introduced the pricing of an underwritten providing of 14,478,764 shares of its frequent inventory at a value of $5.18 per share. The gross proceeds from this providing are anticipated to be roughly $75.0 million, earlier than deducting underwriting reductions and commissions and different providing bills payable by Sutro. The entire shares of frequent inventory are being supplied by Sutro. The providing is anticipated to shut on or about April 4, 2024, topic to the satisfaction of customary closing circumstances.
The providing was led by a top quality group of latest and current healthcare targeted institutional buyers.
Sutro intends to make use of the online proceeds of this providing, along with its current money, money equivalents and marketable securities, primarily for normal company functions, which can embrace funding analysis, medical and course of growth and manufacturing of its product candidates, growing its working capital, growing its commercialization infrastructure, increasing its manufacturing capabilities, acquisitions or investments in companies, merchandise or applied sciences which are complementary to its personal, capital expenditures and different normal company functions.
BofA Securities is appearing as sole book-running supervisor within the providing.
The shares are being supplied by Sutro pursuant to a registration assertion beforehand filed and declared efficient by the Securities and Change Fee (SEC). A prospectus complement and accompanying prospectus regarding and describing the phrases of the providing will probably be filed with the SEC and will probably be obtainable on the SEC’s web site at www.sec.gov. Copies of the prospectus complement and accompanying prospectus might also be obtained, when obtainable, from: BofA Securities, NC1-0220-02-25, Consideration: Prospectus Division, 201 North Tryon Avenue, Charlotte, North Carolina, 28255-0001, or by e-mail at [email protected].
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase any securities of Sutro, nor shall there be any sale of those securities in any state or jurisdiction by which such supply, solicitation or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such state or jurisdiction.
About Sutro Biopharma
Sutro Biopharma, Inc. is a clinical-stage firm relentlessly targeted on the invention and growth of exactly designed most cancers therapeutics, to rework what science can do for sufferers. Sutro’s fit-for-purpose know-how, together with cell-free XpressCF®, gives the chance for broader affected person profit and an improved affected person expertise. Sutro has a number of medical stage candidates, together with luveltamab tazevibulin, or luvelta, a registrational-stage folate receptor alpha (FolRα)-targeting ADC in medical research. A strong pipeline, coupled with high-value collaborations and trade partnerships, validates Sutro’s steady product innovation. Sutro is headquartered in South San Francisco.
Ahead-Trying Statements
This press launch comprises forward-looking statements inside the that means of the “protected harbor” provisions of the Non-public Securities Litigation Reform Act of 1995, together with, however not restricted to, statements the Firm makes concerning its expectation of market circumstances and the satisfaction of customary closing circumstances associated to the providing and sale of securities, the Firm’s capacity to finish the providing, anticipated gross proceeds from the providing and anticipated use of proceeds; anticipated preclinical and medical growth actions, together with enrollment and web site activation; timing of bulletins of medical outcomes, trial initiation, and regulatory filings; end result of regulatory selections; potential advantages of luvelta and the Firm’s different product candidates and platform; potential growth into different indications and combos, together with the timing and growth actions associated to such growth; potential market alternatives for luvelta and the Firm’s different product candidates; and the Firm’s anticipated money runway. All statements aside from statements of historic truth are statements that might be deemed forward-looking statements. Though the Firm believes that the expectations mirrored in such forward-looking statements are cheap, the Firm can not assure future occasions, outcomes, actions, ranges of exercise, efficiency or achievements, and the timing and outcomes of biotechnology growth and potential regulatory approval is inherently unsure. Ahead-looking statements are topic to dangers and uncertainties which will trigger the Firm’s precise actions or outcomes to vary considerably from these expressed in any forward-looking assertion, together with dangers and uncertainties associated to the Firm’s capacity to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates and the Firm’s capacity to efficiently leverage Quick Monitor designation, the market measurement for the Firm’s product candidates to be smaller than anticipated, medical trial websites, provide chain and manufacturing services, the Firm’s capacity to keep up and acknowledge the advantages of sure designations obtained by product candidates, the timing and outcomes of preclinical and medical trials, the Firm’s capacity to fund growth actions and obtain growth targets, the Firm’s capacity to guard mental property, the worth of the Firm’s holdings of Vaxcyte frequent inventory, and the Firm’s industrial collaborations with third events and different dangers and uncertainties described beneath the heading “Danger Elements” in paperwork the Firm information once in a while with the Securities and Change Fee. These forward-looking statements communicate solely as of the date of this press launch, and the Firm undertakes no obligation to revise or replace any forward-looking statements to mirror occasions or circumstances after the date hereof.
Contact
Emily White
Sutro Biopharma
(650) 823-7681
[email protected]
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