Fulcrum Therapeutics launches $150 million stock offering

Fulcrum Therapeutics Inc. (NASDAQ: FULC) announced it has commenced an underwritten public offering to sell $150 million of common stock shares. The clinical-stage biopharmaceutical company also plans to grant underwriters a 30-day option to purchase up to an additional $22.5 million of shares.

J.P. Morgan, Leerink Partners, and Cantor are serving as book-running managers for the offering, with Oppenheimer & Co. and Truist Securities also acting as book-running managers. The company stated the offering is subject to market and other conditions, with no assurance regarding completion timing or final terms.

The shares are being offered under an effective shelf registration statement filed with the Securities and Exchange Commission on February 27, 2024, and declared effective on April 25, 2024. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC.

Fulcrum plans to use net proceeds primarily for general corporate purposes, including working capital, capital expenditures, research and development expenses for clinical trials, regulatory submissions, commercialization activities, discovery and preclinical research, general administrative expenses, and potential acquisitions or investments in complementary companies, technologies, products or assets.

The Cambridge, Massachusetts-based company focuses on developing small molecules for patients with genetically defined rare diseases. Its lead clinical program is pociredir, designed to increase fetal hemoglobin expression for treating sickle cell disease.

The information is based on a company press release statement.

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