Belite Bio, Inc. has priced an underwritten public offering of 2,272,727 American Depositary Shares at $154.00 per ADS, with gross proceeds expected to total approximately $350 million before fees. The offering includes a 30-day option for underwriters to purchase up to 340,909 additional ADSs. This capital raise represents a significant financial milestone for the clinical-stage biotechnology company as it advances its programs targeting degenerative retinal diseases.
The company plans to allocate net proceeds toward commercialization preparation, pipeline development, and general corporate purposes. This funding comes at a critical juncture for Belite Bio as it prepares for potential commercialization of its therapies. Degenerative retinal diseases affect millions worldwide and often lead to progressive vision loss, creating substantial demand for effective treatments. The successful pricing of this offering provides Belite Bio with the financial resources to advance its clinical programs and potentially bring new treatment options to patients suffering from these conditions.
Belite Bio is focused on developing novel therapeutics for degenerative retinal diseases with significant unmet medical needs, including Stargardt disease type 1 and geographic atrophy in advanced dry age-related macular degeneration. The company's 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) for adolescent STGD1 subjects and a Phase 3 trial (PHOENIX) for subjects with geographic atrophy.
Morgan Stanley & Co. LLC, Leerink Partners, BofA Securities, and Cantor are serving as joint active book-running managers for the offering. H.C. Wainwright & Co. is acting as lead manager, with Maxim Group LLC and Titan Partners Group as co-managers. The company's approach to targeting the underlying mechanisms of retinal degeneration represents a promising avenue in ophthalmology research and drug development. More information about Belite Bio can be found at https://belitebio.com/.
