Press release by Belite Bio
Belite Bio, Inc (NASDAQ: BLTE) (“Belite” or the “Company”), a clinical stage biopharmaceutical drug development company targeting currently untreatable eye diseases such as dry AMD and Stargardt disease, and metabolic diseases, today announced the pricing of its initial public offering of 6 million American Depositary Shares (ADSs) at a public offering price per ADS of $6.00. Each ADS represents one ordinary share of Belite. In addition, Belite has granted the underwriters a 30-day option to purchase an additional 900,000 ADSs at the initial public offering price, less the underwriting discounts and commissions.
Lin Bioscience International Ltd., our principal shareholder, agreed to purchase $15.0 million of ADSs in this offering.
In connection with the offering, Belite’s ADSs have been approved for listing on the Nasdaq Capital Market. The ADSs are expected to begin trading on the Nasdaq Capital Market on April 29, 2022 under the ticker symbol "BLTE". The offering is expected to close on May 3, 2022, subject to customary closing conditions.
The gross proceeds to Belite from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $36 million. Belite expects to use the net proceeds from the offering to fund the Phase 3 clinical trial of LBS-008 for STGD1, further clinical development of LBS-008 for dry AMD, working capital and other general corporate purposes.
The Benchmark Company, LLC is acting as sole book-running manager for the offering.
See the full press release here.