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89bio, Inc. Announces Pricing of $250.0 Million Public Offering of Common Stock and Pre-Funded Warrants

Jan 29, 2025

Contract Type

partnership

San FranciscoBiotechnologyHealth CareTherapeuticsPharmaceuticalBiopharma

Description

89bio, Inc. announced the pricing of its upsized underwritten public offering of common stock and pre-funded warrants. The gross proceeds of the offering to 89bio are expected to be approximately $250.0 million.

Company Information

Company

89bio

Location

San Francisco, California, United States

About

89bio is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The company’s lead product candidate, BIO89-100, is a specifically engineered glycoPEGylated analog of FGF21. BIO89-100 is being developed for the treatment of nonalcoholic steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG). Recent Phase 1b/2a data show BIO89-100 demonstrated a favorable safety and tolerability profile and robust reductions in liver fat and key lipid markers when dosed weekly or once every two weeks in patients with NASH. BIO89-100 is currently in a Phase 2 trial for the treatment of SHTG.