Portfolio company Disc Medicine raises USD157.8 million in public offering (1664693)
June 23 2023 - 8:03AM
UK Regulatory
Arix Bioscience PLC (ARIX)
Portfolio company Disc Medicine raises USD157.8 million in public offering
23-Jun-2023 / 14:03 GMT/BST
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Arix Bioscience plc
Portfolio company Disc Medicine raises USD157.8 million in public offering
LONDON, 23 June 2023: Arix Bioscience plc ("Arix" or the "Company") (LSE: ARIX), a transatlantic venture capital
company focused on investing in breakthrough biotechnology companies, notes that its portfolio company, Disc Medicine,
today announced the closing of its underwritten public offering of common stock and pre-funded warrants, generating
aggregate gross proceeds to Disc Medicine of approximately USD157.8 million.
The public offering comprised the sale of 3,015,919 shares of common stock and, in lieu of common stock to certain
investors that so chose, pre-funded warrants to purchase 204,081 shares of its common stock. The shares of common stock
sold include 420,000 shares pursuant to the option granted by Disc to the underwriters, which option was exercised in
full. The shares of common stock were sold at a public offering price of USD49.00 per share, and the pre-funded warrants
were sold at a public offering price of USD48.9999 per pre-funded warrant, which represents the per share public offering
price for the common stock less the USD0.0001 per share exercise price for each such pre-funded warrant.
Disc will use the funds for research and the clinical development of its current or additional product candidates, as
well as for working capital and other general corporate purposes.
Following the fundraise, Arix's percentage holding has been diluted from 3.1% to 2.7%. The holding value will continue
to be determined by the market price of Disc Medicine's shares which has performed strongly since its reverse merger at
the end of 2022.
Robert Lyne, CEO of Arix Bioscience, said: "Disc Medicine has built a platform around a world class management team and
a pipeline of assets that address an underserved need in the treatment of haematologic diseases. Following the recently
announced Phase 2 data from the company's bitopertin programme, the success of the Disc fundraising in the current
macro environment is a validation of our strategy to back the major biotech companies of tomorrow. All of this has been
achieved in less than two years since our initial investment."
The announcement can be accessed on Disc Medicine's website at: https://www.discmedicine.com/ and the full text of the
announcement from the company is contained below.
[ENDS]
Enquiries
For more information on Arix, please contact:
Arix Bioscience plc
+44 (0)20 7290 1050
ir@arixbioscience.com
Powerscourt Group
Sarah MacLeod, Ibrahim Khalil, Nick Johnson
+44 (0)20 7250 1446
arix@powerscourt-group.com
About Arix Bioscience plc
Arix Bioscience plc is a global venture capital company focused on investing in breakthrough biotechnology companies
around cutting-edge advances in life sciences.
We collaborate with exceptional entrepreneurs and provide the capital, expertise, and global networks to help
accelerate their ideas into important new treatments for patients. As a listed company, we are able to bring this
exciting growth phase of our industry to a broader range of investors. www.arixbioscience.com
Disc Medicine Press Release:
Disc Medicine Announces Closing of Public Offering of Common Stock and Pre-Funded Warrants Including Full Exercise of
Underwriters' Option to Purchase Additional Shares
WATERTOWN, Mass., June 22, 2023 (GLOBE NEWSWIRE) -- Disc Medicine, Inc. (NASDAQ: IRON) (Disc), a clinical-stage
biopharmaceutical company focused on the discovery, development, and commercialization of novel treatments for patients
suffering from serious hematologic diseases, today announced the closing of its underwritten public offering of
3,015,919 shares of its common stock and, in lieu of common stock to certain investors that so chose, pre-funded
warrants to purchase 204,081 shares of its common stock. The shares of common stock sold include 420,000 shares
pursuant to the option granted by Disc to the underwriters, which option was exercised in full. The shares of common
stock were sold at a public offering price of USD49.00 per share, and the pre-funded warrants were sold at a public
offering price of USD48.9999 per pre-funded warrant, which represents the per share public offering price for the common
stock less the USD0.0001 per share exercise price for each such pre-funded warrant. The aggregate gross proceeds to Disc
from this offering were approximately USD157.8 million, before deducting underwriting discounts and commissions and other
estimated offering expenses, excluding the exercise of any pre-funded warrants. All of the securities sold in the
offering were offered by Disc.
Disc intends to use the net proceeds from the offering to fund research and clinical development of its current or
additional product candidates, as well as for working capital and other general corporate purposes.
Morgan Stanley, SVB Securities, Stifel and BMO Capital Markets acted as joint book-running managers for the offering.
Wedbush PacGrow acted as lead manager for the offering.
The securities described above were offered by Disc pursuant to a shelf registration statement on Form S-3 (No.
333-269272) that was declared effective by the Securities and Exchange Commission (SEC) on January 24, 2023. This
offering was made only by means of a prospectus and prospectus supplement that form a part of the registration
statement. A final prospectus supplement and accompanying prospectus related to the offering has been filed with the
SEC and is available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to this offering may also be obtained, by contacting: Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; SVB Securities LLC,
Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, telephone: 1 (800) 808-7525
ext. 6105, or by emailing syndicate@svbsecurities.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate,
One Montgomery Street, Suite 3700, San Francisco, California 94104, telephone: (415) 364-2720 or by emailing
syndprospectus@stifel.com; or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 W 42nd Street,
32nd Floor, New York, New York 10036, telephone: (212) 702-1101, or by emailing bmoprospectus@bmo.com.
This press release does not constitute an offer to sell or a 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 Disc Medicine
Disc Medicine (NASDAQ: IRON) is a clinical-stage biopharmaceutical company committed to discovering, developing, and
commercializing novel treatments for patients who suffer from serious hematologic diseases. We are building a portfolio
of innovative, potentially first-in-class therapeutic candidates that aim to address a wide spectrum of hematologic
diseases by targeting fundamental biological pathways of red blood cell biology, specifically heme biosynthesis and
iron homeostasis.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BD045071
Category Code: PFU
TIDM: ARIX
LEI Code: 213800OVT3AHQCXNIX43
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 253188
EQS News ID: 1664693
End of Announcement EQS News Service
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(END) Dow Jones Newswires
June 23, 2023 09:03 ET (13:03 GMT)
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