Applied Molecular Transport Announces Pricing of Initial Public Offering

Rhea-AI Summary

Applied Molecular Transport (Nasdaq: AMTI) announced the pricing of its initial public offering (IPO) of 11,000,000 shares at $14.00 per share, expecting gross proceeds of $154 million. Trading is set to begin on NASDAQ on June 5, 2020, with the IPO closing on June 9, 2020, pending usual conditions. The offering includes a 30-day option for underwriters to buy an additional 1,650,000 shares. BofA Securities, Jefferies, and SVB Leerink are the managing underwriters.

Positive

• IPO priced at $14.00 per share, potentially raising $154 million in gross proceeds.
• Inclusion of an option for underwriters to purchase an additional 1,650,000 shares, indicating confidence.
• Plans for further development of AMT's lead product candidate, AMT-101, aimed at treating ulcerative colitis and related conditions.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., June 04, 2020 (GLOBE NEWSWIRE) -- Applied Molecular Transport (Nasdaq: AMTI), a clinical-stage biopharmaceutical company, today announced the pricing of its initial public offering of 11,000,000 shares of common stock at a public offering price of $14.00 per share. All of the shares of common stock are being offered by AMT. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by AMT, are expected to be $154.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. The shares are expected to begin trading on the Nasdaq Global Select Market on June 5, 2020, under the ticker symbol “AMTI.” The offering is expected to close on June 9, 2020, subject to the satisfaction of customary closing conditions. In addition, AMT has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of common stock at the initial public offering price, less the underwriting discounts and commissions.

BofA Securities, Jefferies and SVB Leerink are acting as joint book-running managers for this offering.

Registration statements relating to the shares being sold in this offering have been filed with the Securities and Exchange Commission and became effective on June 4, 2020. The offering will be made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained, when available, from: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by email at prospectus_department@Jefferies.com; or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525, ext. 6218, or by email at syndicate@svbleerink.com. Copies of the the final prospectus, when available, related to the offering will be available at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer or 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 laws of such state or jurisdiction.

About Applied Molecular Transport Inc.

Applied Molecular Transport Inc. is a clinical-stage biopharmaceutical company leveraging its proprietary technology platform to design and develop a pipeline of novel oral biologic product candidates to treat autoimmune, inflammatory, metabolic, and other diseases. AMT’s proprietary technology platform allows it to exploit existing natural cellular trafficking pathways to facilitate the active transport of therapeutic payloads across the intestinal epithelium (IE) barrier. Active transport is an efficient mechanism that uses the cell’s own machinery to transport materials across the IE barrier. AMT believes that its ability to exploit this mechanism is a key differentiator of its approach. AMT is developing oral biologic product candidates in patient-friendly tablet and capsule forms that are designed for either targeting local gastrointestinal (GI) tissue or entering systemic circulation to precisely address the relevant biology of a disease. AMT is building a portfolio of oral product candidates based on its technology platform including its lead product candidate, AMT-101, an oral GI-selective interleukin 10 that has completed a Phase 1b clinical trial in patients with ulcerative colitis (UC). AMT further plans to initiate Phase 2 clinical trials of AMT-101 in UC and related inflammatory indications. AMT’s technology platform enables it to design and develop various oral biologic therapeutic modalities, such as peptides, proteins, full-length antibodies, antibody fragments, and RNA therapeutics, with potentially significant advantages over existing marketed and development-stage drugs.

Contacts:

Sylvia Wheeler
Principal, Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com

Alexandra Santos
Senior Partner, Wheelhouse Life Science Advisors
asantos@wheelhouselsa.com

FAQ

What is the pricing of Applied Molecular Transport's IPO?

AMTI's IPO is priced at $14.00 per share.

How much capital is Applied Molecular Transport expecting to raise from its IPO?

AMTI expects to raise approximately $154 million in gross proceeds from the IPO.

When will AMTI's shares start trading on NASDAQ?

Shares of AMTI are expected to begin trading on NASDAQ on June 5, 2020.

When does the IPO for Applied Molecular Transport close?

The IPO is expected to close on June 9, 2020, subject to the satisfaction of customary closing conditions.

Who are the underwriters for the AMTI IPO?

BofA Securities, Jefferies, and SVB Leerink are acting as joint book-running managers for the offering.