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Annexon Raises $125 Million in Public Offering

June 6, 2024

Annexon Biosciences priced an underwritten public offering to raise $125 million after reporting positive topline results from its late-stage trial of its complement inhibitor ANX005 for the treatment of Guillain-Barré syndrome.

The company priced 13 million shares of its common stock at $6.25 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase 7 million shares of common stock at $6.249 per share, which equals the public offering price per share of the common stock less the $0.001 exercise price per share of each pre-funded warrant.

The total gross proceeds to Annexon are expected to be $125.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by Annexon. In addition, Annexon granted the underwriters a 30-day option to purchase up to an additional 3 million shares of common stock.

Annexon’s novel therapeutic candidates for people living with devastating classical complement-mediated neuroinflammatory diseases target upstream C1q to block the classical complement inflammatory cascade before it starts, and are designed to provide meaningful benefits across multiple autoimmune, neurodegenerative and ophthalmic diseases.

Guillain-Barré syndrome (GBS) is a severe disease resulting from an acute autoantibody attack on peripheral nerves that generally occurs post-infection in otherwise healthy persons following activation of C1q and the classical complement cascade. The peripheral nerve damage progresses rapidly, causing acute neuromuscular paralysis, and may lead to significant morbidity, disability and mortality.

“ANX005 demonstrated consistent improvement and functional benefits on key primary and secondary endpoints, said Douglas Love, president and CEO of Annexon in a statement about the phase 3 trial results in GBS. “Additionally, we observed that early treatment with ANX005 resulted in rapid neuroprotection that stopped the advancement of disease and helped GBS patients get better sooner.”

Photo: Douglas Love, president and CEO of Annexon

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