UPDATE: 9 Meters Biopharma (NMTR) Prices 46.154M Share Common Offering at $0.65/Sh
9 Meters Biopharma, Inc. (NASDAQ: NMTR) announced today the pricing of an underwritten public offering of 46,153,847 shares of its common stock at a price to the public of $0.65 per share. In addition, the Company has granted the underwriters a 30-day option to purchase up to 6,923,077 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on December 15, 2020, subject to customary closing conditions.
The gross proceeds to the Company from the public offering, before deducting underwriting discounts and commissions and offering expenses payable by 9 Meters, are expected to be approximately $30 million. The Company intends to use the net proceeds of this offering, together with other available funds, to advance the clinical development of NM-002 for the treatment of short bowel syndrome, the continued clinical development of larazotide for the treatment of celiac disease, and for working capital and general corporate purposes.
William Blair & Company, L.L.C. and Truist Securities, Inc. are acting as joint book-running managers for the offering. Oppenheimer & Co., Inc. is acting as lead manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as co-manager for the offering.