Beyondspring Pharmaceuticals Inc., of New York, filed an F-1 with the SEC seeking to raise up to $100 million, including overallotments, in an IPO. The company, incorporated in the Cayman Islands, filed as an emerging growth company under the Jumpstart Our Business Startups Act and applied to list its shares on Nasdaq under the ticker BYSI. In its filing, Beyondspring said proceeds will be used to fund separate phase II/III trials of lead compound, plinabulin, in combination with docetaxel and with other chemotherapeutic agents to treat docetaxel chemotherapy-induced severe neutropenia and to prevent non-docetaxel chemotherapy-induced severe neutropenia; to conduct a phase III trial of plinabulin in combination with Opdivo (nivolumab, Bristol-Myers Squibb Co.) to treat non-small-cell lung cancer (NSCLC); to support development of plinabulin in NSCLC patients with KRAS mutations; to conduct preclinical and early clinical studies of follow-on candidates BPI-002 and BPI-003; and to fund research collaborations and other company expenses. Citigroup, Guggenheim Securities, FBR Capital Markets and China Renaissance are joint bookrunners on the offering, which was not priced. (See BioWorld Today, March 18, 2015.)
Immune Therapeutics Inc., of Orlando, Fla., said it redeemed a $656,250 convertible note issued to JMJ Financial. The company said its cost of capital is decreasing and it is seeking to restructure and strengthen its balance sheet by year-end.
Synthetic Biologics Inc., of Rockville, Md., priced an underwritten public offering of 25 million common shares and warrants to purchase an additional 50 million common shares at $1 per unit. The price represented a discount of 30 percent to Monday’s close of $1.43 for the company’s shares (NYSEMKT:SYN). The offering generated gross proceeds of $25 million. If exercised in full, the warrants could result in additional net proceeds of $78.8 million. The company provided the underwriter a 30-day option to purchase up to 3.75 million additional common shares and warrants to purchase up to 7.5 million additional shares. Cantor Fitzgerald & Co. is acting as sole book-running manager. On Tuesday, the company’s shares fell 54 cents to close at 89 cents. (See BioWorld Today, Dec. 4, 2015.)
Tesaro Inc., of Waltham, Mass., priced an underwritten public offering of 1.75 million common shares at $135 apiece, a discount of 9 percent to Monday’s close of $148.50 for the company’s shares (NASDAQ:TSRO). The offering is expected to raise approximately $236.3 million, and Tesaro granted underwriters an option to purchase up to 262,500 additional common shares, potentially adding about $35.4 million to the raise. The company said it expects net proceeds of about $224.1 million from the offering. Citigroup, Leerink Partners, Credit Suisse and Wells Fargo Securities are bookrunners, with Baird, FBR, Guggenheim Securities, Raymond James, Suntrust Robinson Humphrey and Wedbush Pacgrow as co-managers. On Tuesday, the company’s shares closed at $131.04 for a loss of $17.46, or 11.8 percent. (See BioWorld Today, Oct. 11, 2016.)