Belite Bio, Inc. has priced an underwritten public offering of 2,272,727 American Depositary Shares at $154.00 per ADS, with gross proceeds expected to reach approximately $350 million before fees. The offering includes a 30-day option for underwriters to purchase up to 340,909 additional ADSs, providing the company with substantial financial resources at a critical juncture in its development. This capital raise represents a significant milestone for the clinical-stage biotechnology company as it advances programs targeting degenerative retinal diseases with significant unmet medical needs.
The company plans to allocate net proceeds toward commercialization preparation, pipeline development, and general corporate purposes. Morgan Stanley & Co. LLC, Leerink Partners, BofA Securities, and Cantor are serving as joint active book-running managers for the offering, with H.C. Wainwright & Co. acting as lead manager and Maxim Group LLC and Titan Partners Group serving as co-managers. The successful pricing of this offering demonstrates investor confidence in Belite Bio's approach to developing novel therapeutics for conditions that affect millions worldwide and often lead to progressive vision loss.
Belite Bio is focused on developing treatments for degenerative retinal diseases including Stargardt disease type 1 and geographic atrophy in advanced dry age-related macular degeneration. The company's lead candidate, Tinlarebant, is an oral therapy designed to reduce the accumulation of bisretinoid toxins in the eye. Tinlarebant has completed a Phase 3 trial (DRAGON) in adolescent STGD1 subjects and is currently being evaluated in a Phase 2/3 trial (DRAGON II) for adolescent STGD1 subjects and a Phase 3 trial (PHOENIX) for subjects with geographic atrophy.
The funding enables the company to advance its clinical programs and prepare for potential commercialization of its therapies. Degenerative retinal diseases create substantial demand for effective treatments, and Belite Bio's approach to targeting the underlying mechanisms of retinal degeneration represents a promising avenue in ophthalmology research and drug development. More information about the company's research and development efforts can be found at https://belitebio.com/.
This financial milestone comes as the company progresses through late-stage clinical trials for conditions that currently lack approved therapies. The successful offering provides Belite Bio with the resources necessary to potentially bring new treatment options to patients suffering from these vision-threatening conditions. The company's focus on oral therapies represents an important advancement in treatment delivery for retinal diseases, which have traditionally required invasive administration methods.
