Belite Bio Prices $36 Million Initial Public Offering
April 29, 2022
Belite Bio, a clinical stage biopharmaceutical drug development company targeting currently untreatable eye diseases and metabolic diseases, priced its initial public offering of 6 million American Depositary Shares at a public offering price per ADS of $6.00.
The company is pursuing both rare and more common diseases. It’s lead candidate LBS-008 is in development to treat Stargardt Disease and dry age-related macular degeneration. LBS-008 is an oral once-a-day treatment that can reduce and maintain the delivery of vitamin A to the eye as a means to reduce the accumulation of toxic vitamin A by-products in ocular tissue.
Each ADS represents one ordinary share of Belite. In addition, Belite has granted the underwriters a 30-day option to purchase an additional 900,000 ADSs at the initial public offering price, less the underwriting discounts and commissions.
The market for life sciences IPOs continues to be difficult as the sell-off in biotech stocks that began late last year continues to keep demand weak. As part of the offering, Lin Bioscience International, Belite’s principal shareholder, agreed to purchase $15 million of ADSs in the offering.
Belite’s ADSs have been approved for listing on the Nasdaq Capital Market. The ADSs are expected to begin trading on the Nasdaq Capital Market on April 29, 2022, under the ticker symbol “BLTE”.
Belite expects to use the net proceeds from the offering to fund the phase 3 clinical trial of LBS-008 for STGD1, further clinical development of LBS-008 for dry AMD, working capital and other general corporate purposes.
Author: Rare Daily Staff
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