Apogee Therapeutics announces underwritten public stock offering

Apogee Therapeutics Inc. (NASDAQ: APGE) announced it has commenced an underwritten public offering of common stock shares or pre-funded warrants to purchase common stock shares for certain investors. The clinical-stage biotechnology company also expects to grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less underwriting discounts and commissions.

The proposed offering remains subject to market and other conditions, with no assurance regarding completion, timing, or final terms. All securities are being offered by the company itself.

Apogee plans to use net proceeds from the offering, combined with existing cash, cash equivalents, and marketable securities, to fund preclinical studies, clinical trials, manufacturing, and commercial readiness activities for its antibody programs. Additional funds will support research and development activities, capital expenditures, working capital, and general corporate purposes.

Jefferies, BofA Securities, Guggenheim Securities, TD Cowen, and BTIG are serving as joint book-running managers for the proposed offering.

The company filed an automatically effective shelf registration statement with the Securities and Exchange Commission on August 12, 2024. The offering will proceed only through a written prospectus, including a prospectus supplement, as part of the effective registration statement.

Apogee develops biologics for inflammatory and immunology markets, including treatments for atopic dermatitis, asthma, eosinophilic esophagitis, and chronic obstructive pulmonary disease. The company's most advanced program, APG777, is being developed initially for atopic dermatitis treatment.

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