Belite Bio Raises $30 Million in Public Offering
June 1, 2023
Rare Daily Staff
Belite Bio, a clinical stage company focused on advancing novel therapeutics targeting retinal degenerative eye diseases that have significant unmet medical needs, has priced an underwritten public offering of 2 million American Depositary Shares at a public offering price of $15 per share.
Each ADS represents one ordinary share, and a warrant to purchase an ordinary share. 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.
Belite Bio intends to use the net proceeds of the offering for clinical trials and further clinical development of Tinlarebant for the treatment of Stargardt disease and geographic atrophy in advanced dry age-related macular degeneration, in addition to specific metabolic diseases, funding its research and development of other pipeline products and for working capital and other general corporate purposes.
Stargardt disease (STGD1) is the most common inherited retinal dystrophy (causing blurring or loss of central vision) in both adults and children. The disease is caused by a dysfunctional retina-specific gene (ABCA4) which results in massive accumulation of toxic vitamin A byproducts in the retina leading to retinal cell death and progressive loss of central vision.
Tinlarebant is a novel oral therapy in late-stage development that prevents the buildup of toxins in the eye that cause STGD1 and works by reducing and maintaining levels of serum retinol binding protein 4 (RBP4), a carrier protein that transports retinol to the eye.
Sign up for updates straight to your inbox.