Scholar Rock Announces Pricing of Public Offering of Common Stock
June 19 2019 - 5:07PM
Scholar Rock Holding Corporation (Nasdaq: SRRK), a clinical-stage
biopharmaceutical company focused on the treatment of serious
diseases in which protein growth factors play a fundamental role,
today announced the pricing of an underwritten public offering of
3,000,000 shares of its common stock at a public offering price of
$15.00 per share. The gross proceeds to Scholar Rock from this
offering are expected to be $45 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses. In addition, Scholar Rock has granted the underwriters a
30-day option to purchase up to an additional 450,000 shares of
common stock. The offering is expected to close on June 24, 2019,
subject to customary closing conditions. All of the shares are
being offered by Scholar Rock.
Scholar Rock intends to use the net proceeds from the offering
to fund the SRK-015 program for the treatment of Spinal
Muscular Atrophy (SMA), the SRK-181 program for the treatment of
cancers that are resistant to checkpoint blockade therapies,
preclinical activities for other pipeline programs, as well as for
working capital and other general corporate purposes.
Jefferies LLC, Cowen and Company, LLC, and BMO Capital Markets
Corp. are acting as joint book-running managers for the offering.
Wedbush Securities Inc. is acting as co-manager for the
offering.
The securities described above were offered by Scholar Rock
pursuant to a shelf registration statement on Form S-3 (No.
333-231920) that was declared effective by the Securities and
Exchange Commission (SEC) on June 10, 2019. A final prospectus
supplement and accompanying prospectus relating to the offering
will be filed with the SEC and will be available on the SEC’s
website located at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to this
offering may be obtained, when available, by contacting: Jefferies
LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-547-6340
or by email at Prospectus_Department@Jefferies.com; Cowen and
Company, LLC (c/o Broadridge Financial Solutions, Attention
Prospectus Department, 1155 Long Island Avenue, Edgewood, NY,
11717; telephone: 631-274-2806); or BMO Capital Markets Corp.,
Attention: Equity Syndicate Department, 3 Times Square, 25th Floor,
New York, NY 10036, by telephone at (800) 414-3627, or by email at
bmoprospectus@bmo.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 that
state or jurisdiction.
About Scholar Rock Scholar Rock is a
clinical-stage biopharmaceutical company focused on the discovery
and development of innovative medicines for the treatment of
serious diseases in which signaling by protein growth factors plays
a fundamental role. Scholar Rock is creating a pipeline of
novel product candidates with the potential to transform the lives
of patients suffering from a wide range of serious diseases,
including neuromuscular disorders, cancer, fibrosis and anemia.
Scholar Rock’s newly elucidated understanding of the molecular
mechanisms of growth factor activation enabled it to develop
a proprietary platform for the discovery and development
of monoclonal antibodies that locally and selectively target these
signaling proteins at the cellular level. By developing product
candidates that act in the disease microenvironment, the Company
intends to avoid the historical challenges associated with
inhibiting growth factors for therapeutic effect. Scholar Rock
believes its focus on biologically validated growth factors may
facilitate a more efficient development path.
Scholar Rock® is a registered trademark of Scholar Rock,
Inc.
Forward-Looking StatementsThis press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding the timing and completion of
the proposed offering and the expected use of proceeds from the
proposed offering. The use of words such as “may,” “might,” “will,”
“should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,”
“project,” “intend,” “future,” “potential,” or “continue,” and
other similar expressions are intended to identify such
forward-looking statements. All such forward-looking statements are
based on management's current expectations of future events and are
subject to a number of risks and uncertainties that could cause
actual results to differ materially and adversely from those set
forth in or implied by such forward-looking statements. These risks
and uncertainties include fluctuations in our stock price, changes
in market conditions and satisfaction of customary closing
conditions related to the public offering and those risks more
fully discussed in the section entitled "Risk Factors" in Scholar
Rock’s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2019, as well as discussions of potential
risks, uncertainties, and other important factors in Scholar Rock’s
subsequent filings with the Securities and Exchange
Commission. Any forward-looking statements represent Scholar Rock’s
views only as of today and should not be relied upon as
representing its views as of any subsequent date. All
information in this press release is as of the date of the release,
and Scholar Rock undertakes no duty to update this
information unless required by law.
Scholar Rock Contact:Investors/MediaCatherine
Hu, 917-601-1649chu@scholarrock.com
Media Contact:The Yates NetworkKathryn Morris,
914-204-6412kathryn@theyatesnetwork.com
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