On November 2, 2020 Scholar Rock Holding Corporation (Nasdaq: SRRK), a clinical-stage biopharmaceutical company focused on the treatment of serious diseases in which protein growth factors play a fundamental role, reported the closing of its underwritten public offering of 3,717,948 shares of its common stock, and to certain investors in lieu thereof, pre-funded warrants to purchase 2,179,487 shares of its common stock at an exercise price of $0.0001 per share (Press release, Scholar Rock, NOV 2, 2020, View Source [SID1234569717]). The shares of common stock sold include 769,230 shares pursuant to the option granted by Scholar Rock to the underwriters, which option was exercised in full. The public offering price of each share of common stock was $39.00 and the public offering price of each pre-funded warrant was $38.9999 per pre-funded warrant. The aggregate gross proceeds to Scholar Rock from this offering were approximately $230 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
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Scholar Rock intends to use the net proceeds from the offering for clinical development of SRK-015 in Spinal Muscular Atrophy, including costs associated with preparing for and executing clinical trials, SRK-181 in cancer immunology, development of our preclinical and discovery programs, as well as for working capital and other general corporate purposes.
J.P. Morgan Securities LLC, Jefferies LLC and Credit Suisse Securities (USA) LLC acted as joint book-running managers for the offering. BMO Capital Markets Corp. acted as lead manager for the offering.
The securities described above were offered by Scholar Rock pursuant to a shelf registration statement on Form S-3 (No. 333-231920) that was declared effective by the Securities and Exchange Commission (SEC) on June 10, 2019 and the related registration statement on Form S-3 (File No. 333-249715) filed pursuant to Rule 462(b) under the Securities Act that became automatically effective upon filing on October 28, 2020. A copy of the final prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and may be obtained by contacting: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-866-803-9204 or by email at [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-547-6340 or by email at [email protected]; or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by telephone at (800) 221-1037 or by email at [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.