AN2 Therapeutics Announces Pricing of Upsized Initial Public Offering
Rhea-AI Summary
AN2 Therapeutics, a clinical-stage biopharmaceutical company, announced the pricing of its initial public offering (IPO) of 4,600,000 shares at $15.00 each, aiming to raise $69.0 million. The IPO is set to begin trading on Nasdaq under the symbol ANTX on March 25, 2022, and is expected to close on March 29, 2022. The underwriters also hold a 30-day option to purchase an additional 690,000 shares. The funds raised are intended to support AN2’s development of epetraborole, an oral treatment for rare infectious diseases.
Positive
- Intended use of the $69.0 million proceeds for developing epetraborole, potentially advancing treatment options for rare diseases.
Negative
- Dilution of existing shares due to the IPO.
News Market Reaction – ANTX
On the day this news was published, ANTX declined 72.92%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MENLO PARK, Calif., March 24, 2022 (GLOBE NEWSWIRE) -- AN2 Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing treatments for rare, chronic, and serious infectious diseases with high unmet needs, today announced the pricing of its upsized initial public offering of 4,600,000 shares of its common stock at a price to the public of
The shares are expected to begin trading on the Nasdaq Global Select Market on March 25, 2022 under the symbol “ANTX.” The offering is expected to close on March 29, 2022, subject to the satisfaction of customary closing conditions.
Cowen, SVB Leerink, and Evercore ISI are acting as joint book-running managers for the offering. Oppenheimer & Co. is acting as a lead manager for the offering.
Registration statements relating to these securities were filed with the Securities and Exchange Commission and declared effective on March 24, 2022. This press release shall not constitute an offer to sell or the 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 registration or qualification under the securities laws of any such state or jurisdiction.
The offering is being made only by means of a prospectus. Copies of the final prospectus related to the offering, when available, may be obtained from: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@svbleerink.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; and Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at 212-667-8055, or by email at EquityProspectus@opco.com.
About AN2 Therapeutics, Inc.
AN2 Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing treatments for rare, chronic, and serious infectious diseases with high unmet needs. AN2 is developing epetraborole, a once-daily oral treatment for patients with NTM lung disease, a rare, chronic, and progressive infectious disease caused by bacteria known as mycobacteria that leads to irreversible lung damage and can be fatal.
COMPANY CONTACT:
Lucy Day
Chief Financial Officer
INVESTOR AND MEDIA CONTACT:
Anne Bowdidge
ir@an2therapeutics.com
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