Financing includes participation from new and
existing investors
Strengthens balance sheet, with pro forma cash
position of approximately $1.0 billion, extending expected
financial runway into the second half of 2027
Supports ongoing advancement of pipeline with
multiple clinical-stage precision-guided therapeutics
Bicycle Therapeutics plc (NASDAQ: BCYC), a pharmaceutical
company pioneering a new and differentiated class of therapeutics
based on its proprietary bicyclic peptide (Bicycle®) technology,
today announced that the company has entered into a securities
purchase agreement with certain existing and new accredited
investors to issue and sell an aggregate of 25,933,706 American
Depositary Shares (“ADSs”), each representing one ordinary share,
and in lieu of ADSs to investors that so choose, non-voting
ordinary shares, each at a price of $21.42 per share, through a
private investment in public equity (“PIPE”) financing. Bicycle
anticipates the gross proceeds from the PIPE to be approximately
$555 million. The financing is expected to close on May 28, 2024,
subject to customary closing conditions.
The financing was led by a U.S.-based healthcare focused
investor with participation from Deep Track Capital, EcoR1 Capital,
Fairmount, Forbion, Perceptive Advisors and RA Capital Management.
Bicycle plans to use the net proceeds to fund the continued
development of its proprietary pipeline and for other research and
development, as well as for general corporate purposes.
“We are excited to announce today’s financing as it underscores
the increasing conviction that our investors have in the Bicycle®
platform and team to create novel precision-guided therapeutics,
which we believe have the potential to offer patients a
significantly improved quality of life over other treatments,” said
Kevin Lee, Ph.D., CEO of Bicycle Therapeutics. “This financing will
support our progress across multiple high-value programs and
earlier discovery pipeline, both of which have multiple catalysts
in the second half of 2024, as we develop innovative medicines that
could help patients with cancer and other diseases live longer and
live well.”
Subsequent to the closing of this financing, Bicycle expects its
pro forma cash and cash equivalents will be approximately $1.0
billion as of May 23, 2024. This cash estimate is a preliminary
estimate and based on information currently available to
management, and these estimates could change.
Jefferies is acting as sole placement agent for the
financing.
The offer and sale of the securities to be sold in the PIPE are
being made in a transaction not involving a public offering, and
the securities have not been registered under the Securities Act of
1933, as amended (the “Securities Act”), or applicable state
securities laws, and will be sold in a private placement pursuant
to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation
D as promulgated by the Securities and Exchange Commission (“SEC”)
under the Securities Act. Accordingly, the securities may not be
offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act. Pursuant to
the securities purchase agreement, Bicycle has agreed to file a
registration statement with the SEC registering the resale of the
ADSs and ordinary shares or ADSs issued upon the re-designation of
the non-voting ordinary shares issued in the PIPE.
This press release shall not constitute an offer to sell, or a
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.
About Bicycle Therapeutics Bicycle Therapeutics is a
clinical-stage pharmaceutical company developing a novel class of
medicines, referred to as Bicycle® molecules, for diseases that are
underserved by existing therapeutics. Bicycle molecules are fully
synthetic short peptides constrained with small molecule scaffolds
to form two loops that stabilize their structural geometry. This
constraint facilitates target binding with high affinity and
selectivity, making Bicycle molecules attractive candidates for
drug development. The company is evaluating BT8009, a Bicycle®
Toxin Conjugate (BTC®) targeting Nectin-4, a well-validated tumor
antigen; BT5528, a BTC targeting EphA2, a historically undruggable
target; and BT7480, a Bicycle Tumor-Targeted Immune Cell Agonist®
(Bicycle TICA®) targeting Nectin-4 and agonizing CD137, in
company-sponsored clinical trials. Additionally, the company is
developing Bicycle® Radio Conjugates (BRC™) for radiopharmaceutical
use and, through various partnerships, is exploring the use of
Bicycle® technology to develop therapies for diseases beyond
oncology.
Bicycle Therapeutics is headquartered in Cambridge, UK, with
many key functions and members of its leadership team located in
Cambridge, Mass.
Forward Looking Statements This press release may contain
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements may be identified by words such as “anticipates,”
“could,” “expects,” “may,” “plans,” “potential,” “seeks,” “will”
and variations of these words or similar expressions that are
intended to identify forward-looking statements, although not all
forward-looking statements contain these words. Certain statements
contained in this press release, including those relating to the
timing and completion of the financing and the satisfaction of
customary closing conditions related to the financing, the
anticipated total gross proceeds from the financing, the planned
use of proceeds of the financing and Bicycle’s expected financial
runway following the financing, are forward‐looking statements that
involve a number of risks and uncertainties that could cause actual
results to differ materially from those in the forward‐looking
statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties associated with the
consummation of the proposed financing, the completion of the
financing on the anticipated terms or at all, uncertainties related
to market conditions, the satisfaction of customary closing
conditions related to the proposed financing, the risk that
Bicycle’s projections regarding its expected cash runway are
inaccurate or that its conduct of its business requires more cash
than anticipated and general economic conditions. Bicycle may not
actually achieve the plans, intentions or expectations disclosed in
these forward-looking statements, and you should not place undue
reliance on these forward-looking statements. Other factors that
may cause actual results to differ from those expressed or implied
in the forward-looking statements in this press release are
discussed in Bicycle’s filings with the SEC, including under the
heading “Risk Factors” contained therein which are available at
www.sec.gov. Any forward-looking statements contained in this press
release speak only as of the date hereof, and Bicycle expressly
disclaims any obligation to update any forward-looking statements
contained herein, whether because of any new information, future
events, changed circumstances or otherwise, except as otherwise
required by law. Bicycle’s business is subject to substantial risks
and uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240523478875/en/
Investors: Stephanie Yao SVP, Investor Relations and
Corporate Communications ir@bicycletx.com 857-523-8544
Media: Deborah Elson Argot Partners media@bicycletx.com
212-600-1902
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