On April 2, 2024 Sutro Biopharma, Inc. (Sutro or the Company) (NASDAQ: STRO), a clinical-stage oncology company pioneering site-specific and novel-format antibody drug conjugates (ADCs), reported the pricing of an underwritten offering of 14,478,764 shares of its common stock at a price of $5.18 per share (Press release, Sutro Biopharma, APR 2, 2024, View Source [SID1234641705]). The gross proceeds from this offering are expected to be approximately $75.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by Sutro. All of the shares of common stock are being offered by Sutro. The offering is expected to close on or about April 4, 2024, subject to the satisfaction of customary closing conditions.
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The offering was led by a high quality group of new and existing healthcare focused institutional investors.
Sutro intends to use the net proceeds of this offering, together with its existing cash, cash equivalents and marketable securities, primarily for general corporate purposes, which may include funding research, clinical and process development and manufacturing of its product candidates, increasing its working capital, developing itscommercialization infrastructure, expanding its manufacturing capabilities, acquisitions or investments in businesses, products or technologies that are complementary to its own, capital expenditures and other general corporate purposes.
BofA Securities is acting as sole book-running manager in the offering.
The shares are being offered by Sutro pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). A prospectus supplement and accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus may also be obtained, when available, from: BofA Securities, NC1-0220-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina, 28255-0001, or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Sutro, 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 any such state or jurisdiction.