Belite Bio, Inc. (NASDAQ: BLTE) has announced the pricing of an underwritten public offering of 2,272,727 American Depositary Shares (ADSs) at $154.00 per ADS, with an option for underwriters to purchase up to 340,909 additional ADSs within 30 days. The gross proceeds are expected to total approximately $350 million before underwriting discounts and commissions. The company plans to use the net proceeds for commercialization preparation, pipeline development, and general corporate purposes.
Belite Bio is a clinical-stage drug development company focused on advancing novel therapeutics for degenerative retinal diseases with significant unmet medical need, including Stargardt disease type 1 (STGD1) and geographic atrophy (GA) in advanced dry age-related macular degeneration (AMD). Its lead candidate, Tinlarebant, is an oral therapy designed to reduce the accumulation of bisretinoid toxins in the eye. Tinlarebant has completed a Phase 3 trial (DRAGON) in adolescent STGD1 subjects and is currently being evaluated in a Phase 2/3 trial (DRAGON II) in adolescent STGD1 subjects and a Phase 3 trial (PHOENIX) in subjects with GA.
The offering is being managed by Morgan Stanley & Co. LLC, Leerink Partners, BofA Securities, and Cantor as joint active book-running managers, with H.C. Wainwright & Co. as lead manager and Maxim Group LLC and Titan Partners Group as co-managers. The company expects the offering to close on or about the date specified in the underwriting agreement, subject to customary closing conditions.
This capital raise is a significant milestone for Belite Bio, providing substantial funding to advance its pipeline and prepare for potential commercialization of Tinlarebant. The strong interest from underwriters reflects confidence in the company's approach to addressing retinal diseases that currently have few treatment options. For more details on the offering, please refer to the full press release at https://ibn.fm/utfbg.
Belite Bio's focus on STGD1 and GA targets large patient populations with high unmet needs. The success of its ongoing trials could position Tinlarebant as a first-in-class therapy. The company's progress is closely watched by the investment community, as evidenced by the size of this offering. Additional information about the company can be found at https://belitebio.com/.
