- Tibulizumab (ZB-106) was licensed from Eli Lilly and Company on April 26, 2023
- Total cash and cash equivalents of approximately $120 million is expected to fund planned clinical and operating activities through 2026
SAN DIEGO, CA, June 06, 2023 I Zura Bio Limited (Nasdaq: “ZURA”) (“Zura Bio”), a multi-asset clinical-stage biotechnology company focused on developing novel medicines for immune and inflammatory disorders, today announced the final closing of a private placement resulting in gross proceeds to Zura Bio of approximately $80 million. This funding will allow Zura Bio to initiate a Phase 2 clinical trial for ZB-106 in systemic sclerosis (SSc), followed by a Phase 2 clinical trial in hidradenitis suppurativa (HS).
ZB-106 currently has clinical data from two Phase 1b studies completed in rheumatoid arthritis and Sjögren’s syndrome. The safety profile to date appears to be acceptable, with no new findings relative to known IL-17 and BAFF inhibitors. Chronic toxicology studies have been completed with no adverse drug-related findings.
“To complete the financing is a key milestone. Not just for Zura Bio as a company, but for the development of our ZB-106 asset and the benefits that we hope it can bring to patients. Achieving our cash targets puts us in a great position to progress important clinical development programs and we are excited to move our operations forward as a result.” said Dr. Someit Sidhu, Chief Executive Officer and Director of Zura Bio.
Closing of the Private Placement Financing and Shareholder Approval
In connection with the recent licensing transaction for ZB-106, Zura Bio sold an aggregate of approximately 18.8 million Class A ordinary shares, and pre-funded warrants in lieu of Class A ordinary shares, to certain accredited institutional investors in a private placement financing (the “Offering”). The Offering resulted in gross proceeds to Zura Bio of approximately $80 million cash, before deducting placement agent fees and other offering expenses payable by Zura Bio. In addition, Eli Lilly and Company (“Lilly”) received an aggregate of approximately $4.25 million in Class A ordinary shares in lieu of a portion of the upfront cash paid by Zura Bio as consideration for the licensing transaction for ZB-106.
The Offering was led by Deep Track Capital, Great Point Partners, Suvretta Capital, and a leading life sciences-focused investment fund, alongside several additional new and existing investors.
Pursuant to the terms of the subscription agreements, each Class A ordinary share was sold at a price of $4.25 per share and each pre-funded warrant was sold at a price of $4.249 per pre-funded warrant. Each pre-funded warrant has an exercise price of $0.001 per Class A ordinary share. At the initial closing on May 1, 2023, investors purchased an aggregate of approximately 3.75 million Class A ordinary shares for a total of approximately $16 million in gross proceeds, excluding the shares issued to Lilly. At the second closing, which occurred on June 5, 2023 following the Company’s receipt of shareholder approval on June 1, 2023 to allot such shares and pre-funded warrants, investors purchased an aggregate of approximately 15 million Class A ordinary shares and pre-funded warrants for an additional total of approximately $64 million in gross proceeds. Zura Bio has approximately $120 million in cash and cash equivalents, which it believes will be sufficient to fund its planned operating expenses and capital expenditure requirements through 2026.
Guggenheim Securities served as lead placement agent for the Offering. Chardan and Raymond James also served as co-lead placement agents for the Offering.
The securities are being sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. Zura Bio has agreed to file resale registration statements with the U.S. Securities and Exchange Commission (the “SEC”), for purposes of registering the resale of the Class A ordinary shares and pre-funded warrants issued or issuable in connection with the Offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Any offering of the shares under the resale registration statement will only be by means of a prospectus.
About Zura Bio
Zura Bio is a multi-asset clinical-stage biotechnology company focused on developing novel medicines for immune and inflammatory disorders. Currently, Zura Bio is developing three assets which have completed phase 1/1b studies and are Phase 2 ready. The company is developing a portfolio of therapeutic indications for tibulizumab (ZB-106), torudokimab (ZB-880), and ZB-168 with a goal of demonstrating their efficacy, safety, and dosing convenience in immune and inflammatory disorders.
SOURCE: Zura Bio
Post Views: 318
- Tibulizumab (ZB-106) was licensed from Eli Lilly and Company on April 26, 2023
- Total cash and cash equivalents of approximately $120 million is expected to fund planned clinical and operating activities through 2026
SAN DIEGO, CA, June 06, 2023 I Zura Bio Limited (Nasdaq: “ZURA”) (“Zura Bio”), a multi-asset clinical-stage biotechnology company focused on developing novel medicines for immune and inflammatory disorders, today announced the final closing of a private placement resulting in gross proceeds to Zura Bio of approximately $80 million. This funding will allow Zura Bio to initiate a Phase 2 clinical trial for ZB-106 in systemic sclerosis (SSc), followed by a Phase 2 clinical trial in hidradenitis suppurativa (HS).
ZB-106 currently has clinical data from two Phase 1b studies completed in rheumatoid arthritis and Sjögren’s syndrome. The safety profile to date appears to be acceptable, with no new findings relative to known IL-17 and BAFF inhibitors. Chronic toxicology studies have been completed with no adverse drug-related findings.
“To complete the financing is a key milestone. Not just for Zura Bio as a company, but for the development of our ZB-106 asset and the benefits that we hope it can bring to patients. Achieving our cash targets puts us in a great position to progress important clinical development programs and we are excited to move our operations forward as a result.” said Dr. Someit Sidhu, Chief Executive Officer and Director of Zura Bio.
Closing of the Private Placement Financing and Shareholder Approval
In connection with the recent licensing transaction for ZB-106, Zura Bio sold an aggregate of approximately 18.8 million Class A ordinary shares, and pre-funded warrants in lieu of Class A ordinary shares, to certain accredited institutional investors in a private placement financing (the “Offering”). The Offering resulted in gross proceeds to Zura Bio of approximately $80 million cash, before deducting placement agent fees and other offering expenses payable by Zura Bio. In addition, Eli Lilly and Company (“Lilly”) received an aggregate of approximately $4.25 million in Class A ordinary shares in lieu of a portion of the upfront cash paid by Zura Bio as consideration for the licensing transaction for ZB-106.
The Offering was led by Deep Track Capital, Great Point Partners, Suvretta Capital, and a leading life sciences-focused investment fund, alongside several additional new and existing investors.
Pursuant to the terms of the subscription agreements, each Class A ordinary share was sold at a price of $4.25 per share and each pre-funded warrant was sold at a price of $4.249 per pre-funded warrant. Each pre-funded warrant has an exercise price of $0.001 per Class A ordinary share. At the initial closing on May 1, 2023, investors purchased an aggregate of approximately 3.75 million Class A ordinary shares for a total of approximately $16 million in gross proceeds, excluding the shares issued to Lilly. At the second closing, which occurred on June 5, 2023 following the Company’s receipt of shareholder approval on June 1, 2023 to allot such shares and pre-funded warrants, investors purchased an aggregate of approximately 15 million Class A ordinary shares and pre-funded warrants for an additional total of approximately $64 million in gross proceeds. Zura Bio has approximately $120 million in cash and cash equivalents, which it believes will be sufficient to fund its planned operating expenses and capital expenditure requirements through 2026.
Guggenheim Securities served as lead placement agent for the Offering. Chardan and Raymond James also served as co-lead placement agents for the Offering.
The securities are being sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. Zura Bio has agreed to file resale registration statements with the U.S. Securities and Exchange Commission (the “SEC”), for purposes of registering the resale of the Class A ordinary shares and pre-funded warrants issued or issuable in connection with the Offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Any offering of the shares under the resale registration statement will only be by means of a prospectus.
About Zura Bio
Zura Bio is a multi-asset clinical-stage biotechnology company focused on developing novel medicines for immune and inflammatory disorders. Currently, Zura Bio is developing three assets which have completed phase 1/1b studies and are Phase 2 ready. The company is developing a portfolio of therapeutic indications for tibulizumab (ZB-106), torudokimab (ZB-880), and ZB-168 with a goal of demonstrating their efficacy, safety, and dosing convenience in immune and inflammatory disorders.
SOURCE: Zura Bio
Post Views: 318
