Belite Bio Announces Closing of $36 Million Initial Public Offering

Rhea-AI Summary

Belite Bio (BLTE) has successfully closed its initial public offering, selling 6 million American Depositary Shares (ADSs) at $6.00 each, accumulating gross proceeds of $36 million. An additional 900,000 ADSs may be purchased by underwriters. Principal shareholder Lin Bioscience invested $15 million in the offering. The ADSs are now listed on the Nasdaq Capital Market, trading under BLTE since April 29, 2022. The funds will support the Phase 3 clinical trial of LBS-008 for Stargardt disease, further development for dry AMD, and general corporate purposes.

Positive

• Raised $36 million in gross proceeds to fund Phase 3 clinical trial of LBS-008.
• Principal shareholder Lin Bioscience purchased $15 million in ADSs, indicating confidence.
• ADSs are now listed on the Nasdaq Capital Market, enhancing visibility.

Negative

• None.

SAN DIEGO, May 03, 2022 (GLOBE NEWSWIRE) -- Belite Bio, Inc (NASDAQ: BLTE) (“Belite” or the “Company”), a clinical stage biopharmaceutical drug development company targeting currently untreatable eye diseases such as dry AMD and Stargardt disease, and metabolic diseases, today announced the closing of its previously announced initial public offering of 6 million American Depositary Shares (ADSs) at a public offering price per ADS of $6.00. Each ADS represents one ordinary share of Belite. In addition, Belite has granted the underwriters a 30-day option to purchase an additional 900,000 ADSs at the initial public offering price, less the underwriting discounts and commissions.

Lin Bioscience International Ltd., our principal shareholder, purchased $15.0 million of ADSs in this offering.

In connection with the offering, Belite’s ADSs were approved for listing on the Nasdaq Capital Market. The ADSs began trading on the Nasdaq Capital Market on April 29, 2022, under the ticker symbol "BLTE".

The gross proceeds to Belite from the offering, before deducting the underwriting discounts and commissions and offering expenses, were $36 million. Belite expects to use the net proceeds from the offering to fund the Phase 3 clinical trial of LBS-008 for STGD1, further clinical development of LBS-008 for dry AMD, working capital and other general corporate purposes.

The Benchmark Company, LLC acted as sole book-running manager for the offering.

A registration statement on Form F-1 relating to the ordinary shares represented by the ADSs in this offering was filed with the Securities and Exchange Commission (“SEC”) and declared for the solicitation of an offer to buy 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 was made only by means of a prospectus forming a part of the registration statement. A copy of the final prospectus relating to this offering was filed with the SEC and may also be obtained from The Benchmark Company, LLC, Attn: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155 or by calling 212-312-6700 or by emailing prospectus@benchmarkcompany.com.

About Belite Bio

Belite Bio is a San Diego based clinical stage biopharmaceutical drug development company focused on novel therapeutics targeting currently untreatable eye diseases involving retinal degeneration, such as atrophic age-related macular degeneration (commonly known as dry AMD) and autosomal recessive Stargardt disease, and metabolic diseases. For more information, follow us on Twitter, Instagram, LinkedIn, Facebook or visit us at www.belitebio.com.

Important Cautions Regarding Forward Looking Statements

This press release contains certain "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included herein are "forward-looking statements" including, among other things, statements about Belite’s beliefs and expectations. The expectations reflected in these forward-looking statements involve significant assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Potential risks and uncertainties include, but are not limited to, risks discussed in Belite’s filings with the U.S. Securities and Exchange Commission at www.sec.gov. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Media and Investor Relations Contact:

Jennifer Wu /ir@belitebio.com

Tim McCarthy /tim@lifesciadvisors.com

FAQ

What are the details of Belite Bio's IPO?

Belite Bio's IPO included 6 million ADSs sold at $6.00 each, with an additional option for underwriters to purchase 900,000 ADSs.

How much money did Belite Bio raise from the IPO?

Belite Bio raised gross proceeds of $36 million from its IPO.

What will Belite Bio use the IPO proceeds for?

The proceeds will fund the Phase 3 clinical trial of LBS-008 for Stargardt disease, further development for dry AMD, and general corporate purposes.

When did Belite Bio's ADSs start trading on Nasdaq?

Belite Bio's ADSs started trading on the Nasdaq Capital Market on April 29, 2022, under the ticker symbol 'BLTE'.