- Financing includes new and existing leading life sciences
institutional investors
- Strengthened balance sheet expected to fund operations through
2027
Zura Bio Limited (Nasdaq: ZURA) (“Zura Bio”), a clinical stage,
multi-asset immunology company developing novel dual-pathway
antibodies for autoimmune and inflammatory diseases, today
announced that it has entered into subscription agreements for a
private placement that is expected to result in gross proceeds of
approximately $112.5 million, before deducting placement agent fees
and offering expenses (the “Private Placement”).
The Private Placement is led by Access Biotechnology and a
leading life sciences-focused institutional investor, and includes
participation from other new and existing investors, including RA
Capital Management, Deep Track Capital, Great Point Partners, LLC,
Suvretta Capital, funds managed by Allostery Investments LP,
Armistice Capital, and other large investment management firms.
Zura Bio has agreed to sell an aggregate of approximately 20.1
million Class A ordinary shares at a purchase price of $3.108 per
share, and, in lieu of Class A ordinary shares to certain
investors, pre-funded warrants to purchase up to an aggregate of
16.1 million Class A ordinary shares at a purchase price of $3.107
per pre-funded warrant. Each pre-funded warrant will have an
exercise price of $0.001 per ordinary share, and will be
immediately exercisable and remain exercisable until exercised in
full. The Private Placement is being conducted in accordance with
applicable Nasdaq rules and was priced to satisfy the “Minimum
Price” requirement (as defined in the Nasdaq rules). The private
placement is expected to close on April 22, 2024, subject to
satisfaction of customary closing conditions.
Anticipated proceeds from the private placement are expected to
support the accelerated development of tibulizumab (ZB-106),
including the planned Phase 2 clinical trial in systemic sclerosis
(SSc), the initiation of a Phase 2 trial evaluating tibulizumab for
the treatment of hidradenitis suppurativa (HS), and general
corporate purposes. The combination of anticipated net proceeds
with existing cash and cash equivalents is expected to support
operations through 2027.
Piper Sandler, Guggenheim Securities, and Cantor served as lead
placement agents for the Private Placement.
The securities are being sold in a private placement and have
not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements. Zura Bio has agreed to file a resale registration
statement with the U.S. Securities and Exchange Commission (the
“SEC”), for purposes of registering the resale of the Class A
ordinary shares and the Class A ordinary shares underlying the
pre-funded warrants issued or issuable in connection with the
Private Placement.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any state in which such offer or sale
would be unlawful prior to the registration or qualification under
the securities laws of such state. Any offering of the shares under
the resale registration statement will only be by means of a
prospectus.
ABOUT ZURA BIO
Zura Bio is a clinical-stage, multi-asset immunology company
developing novel dual-pathway antibodies for autoimmune and
inflammatory diseases. Currently, Zura Bio is developing three
assets which have completed Phase 1/1b studies and are Phase 2
ready. The company is developing a portfolio of therapeutic
indications for tibulizumab (ZB-106), ZB-168, and torudokimab
(ZB-880), with a goal of demonstrating their efficacy, safety, and
dosing convenience in autoimmune and inflammatory diseases,
including systemic sclerosis and other novel indications with unmet
needs.
FORWARD-LOOKING STATEMENTS
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believe,”
“predict,” “potential,” “continue,” “strategy,” “future,”
“opportunity,” “would,” “seem,” “seek,” “outlook” and similar
expressions are intended to identify such forward-looking
statements. Forward-looking statements are predictions, projections
and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties that could cause the actual results to differ
materially from the expected results. These statements are based on
various assumptions, whether or not identified in this
communication. These forward-looking statements in this release
include, but are not limited to, statements regarding Zura Bio’s
anticipated proceeds to be received in the proposed Private
Placement, expected timing of closing of the proposed Private
Placement and the size, completion and use of proceeds of the
proposed Private Placement, the forecast of cash runway and the
Company’s expectations regarding funding, operating and working
capital expenditures, business strategies and objectives,
statements related to Zura Bio’s abilities to achieve anticipated
internal readouts and achieve them in expected time periods, Zura
Bio’s product candidates, clinical trials and the design and timing
thereof, statements with respect to expected therapeutic potential
and statements regarding Zura Bio’s product candidates ability to
proceed into Phase 2 clinical trials. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by an investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability.
Actual events and the ability to consummate the proposed Private
Placement and the timing and proceeds thereof; are difficult or
impossible to predict and could differ materially from those
expressed or implied in such forward-looking statements. You should
carefully consider the risks and uncertainties described in the
“Risk Factors” sections of Zura Bio's 10-K for the year ended
December 31, 2023 and other filings with the SEC, including: Zura
Bio’s expectations regarding product candidates and their related
benefits; Zura Bio’s beliefs regarding potential benefits or
limitations of competing products both in development and approved;
information regarding Zura Bio’s vision and strategy; anticipated
timing of key events and initiation of Zura Bio’s studies and
release of clinical data; Zura Bio’s expectations regarding the
general acceptability and maintenance of our products by regulatory
authorities, payors, physicians, and patients; Zura Bio’s ability
to attract and retain key personnel; the accuracy of Zura Bio’s
future operating expenses, capital requirements and needs for
additional financing; Zura Bio’s ability to obtain funding for
operations, including funds that may be necessary to complete
development of our product candidates; the fact that Zura Bio has
not completed any clinical trials and has no products approved for
commercial sale; the fact that Zura Bio has incurred significant
losses since inception, and it expects to incur significant losses
for the foreseeable future and may not be able to achieve or
sustain profitability in the future; Zura Bio’s ability to renew
existing contracts; Zura Bio’s reliance on third-party contract
development manufacturing organizations for the manufacture of
clinical materials; Zura Bio’s ability to obtain regulatory
approval for our products, and any related restrictions or
limitations of any approved products; Zura Bio’s ability to
effectively manage growth and competitive pressures from other
companies worldwide in the therapies in which Zura Bio competes;
and litigation and Zura Bio’s ability to adequately protect
intellectual property rights. These risks and uncertainties may be
amplified by health epidemics or other unanticipated global
disruption events, which may continue to cause economic
uncertainty. Zura Bio cautions that the foregoing list of factors
is not exclusive or exhaustive and not to place undue reliance upon
any forward-looking statements, including projections, which speak
only as of the date made. Zura Bio gives no assurance that it will
achieve its expectations. Zura Bio does not undertake or accept any
obligation to publicly provide revisions or updates to any
forward-looking statements, whether as a result of new information,
future developments or otherwise, or should circumstances change,
except as otherwise required by securities and other applicable
laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240418822545/en/
Megan K. Weinshank Head of Investor Relations IR@zurabio.com
Lee M. Stern Meru Advisors lstern@meruadvisors.com
Zura Bio (NASDAQ:ZURA)
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