RayzeBio Announces IPO Of 14.40 Mln Shares To Be Priced Between $16.00 And $18.00/Share

(RTTNews) - Radiopharmaceutical therapeutics company RayzeBio, Inc. revealed Monday that it will offer 14.40 million shares of its common stock in an initial public offering and expects the IPO price to be between $16.00 and $18.00 per share, according to an amended Form S-1 filing with the U.S. Securities and Exchange Commission.

The company said it is offering 13.24 million shares of its common stock and a selling stockholder is offering an additional 1.16 million shares of its common stock. The company will not receive any proceeds from the sale of shares by the selling stockholder.

The San Diego, California-based company has applied to list its common stock on The Nasdaq Global Market (Nasdaq) under the symbol "RYZB."

The company has granted the underwriters an option for a period of 30 days to purchase up to an additional 2.16 million shares of its common stock.

The company estimates that its net proceeds from this offering will be approximately $206.5 million (or approximately $240.7 million if the underwriters exercise in full their option to purchase additional shares of our common stock), based on an assumed IPO price of $17.00 per share.

The company intends to use the net proceeds of this offering advance clinical development of RYZ101 through topline data in our Phase 3 trial in GEP-NETs, to advance clinical development of RYZ101 through Phase 1b efficacy data in ES-SCLC, for IND enabling activities and clinical development of RYZ801 and RYZ811 in HCC through Phase 1b safety data as well as to complete construction of its GMP manufacturing facility.

The remainder of the net proceeds will be used for working capital, additional research and clinical development, and other general corporate purposes, including the additional costs associated with being a public company. It may also be used to in-license, acquire, or invest in complementary businesses, technologies, products or assets.