Stealth BioTherapeutics, a biotech company focused on developing new treatments involving mitochondrial dysfunction, has raised $78 million for its IPO of 6.5 million shares at $12 per share. The stock began trading February 15, 2019 on the NASDAQ under the ticker symbol “MITO.” Jefferies LLC, Evercore Group LLC and BMO Capital Markets Corp are the lead underwriters. Stealth pre-IPO backers include Nan Fung Technology’s Pivotal Beta, Atlantis Investment Management, BVCF Management, CMBC Capital Holdings, Kingdon Capital, Ocean Equity Partners, Sagamore Investments and Morningside Ventures.
BOSTON, Feb. 14, 2019 /PRNewswire/ — Stealth BioTherapeutics (Stealth), a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction, today announced the pricing of its initial public offering of 6,500,000 American Depositary Shares (“ADSs”), each representing 12 ordinary shares of Stealth, at an initial public offering price of $12.00 per ADS. The total gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Stealth, are expected to be $78.0 million.
In addition, Stealth has granted the underwriters a 30-day option to purchase up to an additional 975,000 ADSs on the same terms and conditions.
The offering is expected to close on February 20, 2019, subject to satisfaction of customary closing conditions.
Stealth’s ADSs have been approved for listing on The Nasdaq Global Market and are expected to begin trading on February 15, 2019 under the ticker symbol “MITO.”
Jefferies LLC, Evercore Group L.L.C. and BMO Capital Markets Corp. are acting as joint book-running managers for the offering. Nomura Securities International, Inc. is acting as the lead manager for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on February 14, 2019. Copies of the registration statement can be accessed by visiting the SEC’s website at www.sec.gov. The offering is being made only by means of a prospectus. When available, copies of the final prospectus may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-821-7388 or by email at email@example.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, New York, NY 10055 or by telephone at (888) 474-0200 or by email at firstname.lastname@example.org; or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036, by telephone at (800) 414-3627 or by e-mail at email@example.com.
This press release shall not constitute an offer to sell or a 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 the registration or qualification under the securities law of any such state or jurisdiction.
We are a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel therapies for diseases involving mitochondrial dysfunction. Mitochondria, found in nearly every cell in the body, are the body’s main source of energy production and are critical for normal organ function. Dysfunctional mitochondria characterize a number of rare genetic diseases, collectively known as primary mitochondrial diseases, and are also involved in many common age-related diseases. We believe our lead product candidate, elamipretide, has the potential to treat both rare genetic and common age-related mitochondrial diseases. We are studying elamipretide in the following primary mitochondrial diseases: primary mitochondrial myopathy, Barth syndrome and Leber’s hereditary optic neuropathy. We are also studying elamipretide in dry age-related macular degeneration. Our other pipeline candidates include SBT-20, which we are evaluating for rare peripheral neuropathies, and SBT-272, which we are evaluating for rare neurodegenerative disease indications. We have optimized our discovery platform to identify novel mitochondrial-targeted compounds, which may be nominated as therapeutic product candidates or utilized as scaffolds to deliver other compounds to mitochondria. Our mission is to be the leader in mitochondrial medicine, and we have assembled a highly experienced management team, board of directors and group of scientific advisors to help us achieve this mission.