Global Blood Therapeutics Prices A $150.0 Million Common Stock Public Offering

SOUTH SAN FRANCISCO, Calif., Dec. 07, 2018 (GLOBE NEWSWIRE) -- Global Blood Therapeutics, Inc. (GBT) (Nasdaq: GBT), a clinical-stage biopharmaceutical company determined to discover, develop and deliver innovative treatments that provide hope to underserved patient communities, today announced the pricing of its underwritten public offering of its common stock for gross proceeds of approximately $150.0 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by GBT. The offering is expected to close on or about December 11, 2018, subject to customary closing conditions. In addition, GBT has granted the underwriters a 30-day option to purchase $22.5 million of additional shares of common stock.

Cantor Fitzgerald & Co. is the sole book-running manager for the offering. H.C. Wainwright & Co. is acting as lead manager.

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The underwriters may offer the shares from time to time for sale in one or more transactions on The Nasdaq Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. On December 6, 2018, the last sale price of the shares as reported on The Nasdaq Global Select Market was $46.67 per share.

GBT intends to use the net proceeds from the offering and its existing capital resources to fund its clinical development of voxelotor for the treatment of sickle cell disease, including its ongoing clinical studies, as well as preparation for the potential commercial launch of voxelotor, if approved by the U.S. Food and Drug Administration, future clinical trials of voxelotor and other product candidates that GBT may elect to pursue, including inclacumab, its other research and development activities, and for working capital and general corporate purposes. GBT may also use a portion of the net proceeds to in-license, acquire or invest in new business, technology or assets, although it has no material agreements, commitments or understandings in place.

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and ...

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