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San Diego-based biotech RayzeBio, a Phase 3 company developing radiopharmaceutical therapies for cancer, priced its upsized $311 million initial public offering (IPO) on Friday. The firm is offering 17.28 million shares of common stock at a price to the public of $18.00 per share.
The company is offering 16.11 million shares, with the selling stockholder named in the prospectus offering 1.16 million shares. RayzeBio will not receive any proceeds from the sale of shares by the selling stockholder. The gross proceeds to RayzeBio from the offering are expected to be approximately $290.1 million.
Underwriters have been granted a 30-day option to purchase up to an additional 2.6 million shares of common stock at the initial public offering price, less underwriting discounts and commissions. The company’s lead candidate, RYZ101, is designed to deliver a highly potent alpha particle radioisotope, Actinium 225, or Ac225, to tumors overexpressing SSTR2.
The shares began trading on The Nasdaq Global Market on Friday under the symbol “RYZB.” The offering is expected to close on September 19, 2023, subject to customary closing conditions.
On the same day, KULR Technology Group Inc., a global leader in sustainable energy management, announced the closing of its $2.875 million underwritten public offering of 8,214,285 shares of its common stock. This includes 1,071,428 shares issued pursuant to the full exercise by the underwriter of its over-allotment option.
The public offering price for each share of common stock was $0.35 before the underwriter’s discount and commissions. All securities in the underwritten public offering were sold by the company, which intends to use the proceeds to pay off certain outstanding balances under its existing financing facility, as well as for working capital and general corporate purposes.
The Benchmark Company, LLC acted as the sole book-running manager for the offering, with Titan Partners Group, a division of American Capital Partners, LLC acting as the co-manager. The securities were offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-257697), filed with the U.S. Securities and Exchange Commission (SEC) on July 6, 2021, and declared effective on July 13, 2021.
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