TORRANCE, Calif.--(BUSINESS WIRE)-- Forte Biosciences, Inc. (NASDAQ: FBRX), a clinical-stage biopharmaceutical company, today announced the pricing of an underwritten public offering of 1,403,509 shares of its common stock at a price to the public of $28.50 per share. In addition, Forte has granted to the underwriters a 30-day option to purchase up to an additional 210,526 shares of common stock at the public offering price of $28.50 per share, less underwriting discounts and commissions.

The aggregate gross proceeds from the offering are expected to be approximately $40.0 million, before deducting the underwriting discounts and commissions and offering expenses payable by Forte and excluding any exercise of the underwriters’ option to purchase additional shares. Forte intends to use the net proceeds of the offering for working capital and general corporate purposes, which include, but are not limited to, the funding of clinical development of, and pursuing regulatory approval for, its product candidates, and general and administrative expenses. All of the shares of common stock are being offered by Forte. The offering is expected to close on or about November 2, 2020, subject to customary closing conditions.

Ladenburg Thalmann, Truist Securities and Chardan are acting as joint book-running managers for the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as co-manager for the offering.

A shelf registration statement on Form S-3 relating to the common stock offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) on May 11, 2018 and declared effective by the SEC on May 23, 2018. The offering is being made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC and 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 at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained from Ladenburg Thalmann & Co. Inc., Prospectus Department, 277 Park Avenue, 26th Floor, New York, New York 10172 or by email at prospectus@ladenburg.com, Truist Securities, Inc., Prospectus Department, 3333 Peachtree Road NE, 9th floor, Atlanta, Georgia 30326 or by email at TruistSecurities.prospectus@Truist.com, and Chardan Capital Markets, LLC, 17 State Street, Suite 2100, New York, NY 10004 or by email at prospectus@chardan.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Forte

Forte Biosciences, Inc. is a clinical stage, dermatology company developing a live biotherapeutic, FB-401, for the treatment of inflammatory skin diseases. Forte has completed Phase 1/2a testing of FB-401 in pediatric and adult patients (3 years of age and older) with atopic dermatitis (AD) and a randomized, placebo-controlled clinical trial in AD patients, 2 years of age and older has been initiated. There is a significant unmet need for safe and effective therapies particularly for pediatric atopic dermatitis patients.

Forward Looking Statements

Forte cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negatives of these terms or other similar expressions. These statements are based on the Company’s current beliefs and expectations. Forward looking statements include statements regarding Forte’s expectations with respect to its ability to complete the offering and its intended use of proceeds from the offering; Forte’s beliefs, goals, intentions and expectations on achieving its next level of corporate growth; the ability of the company to continue to advance its product candidates through the development process and achieve potential clinical development milestones in the future. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: risks related to Forte’s ability to obtain sufficient additional capital to continue to advance the company’s product candidates and preclinical programs; uncertainties associated with the clinical development and regulatory approval of Forte’s product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; the risk that interim results of clinical trials do not necessarily predict final results and that one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, and as more patient data become available; the risk that unforeseen adverse reactions or side effects may occur in the course of developing and testing product candidates; risks associated with the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; risks related to the impact of the COVID-19 outbreak on Forte’s operations, the biotechnology industry and the economy generally; and risks associated with the possible failure to realize certain anticipated benefits of the transaction, including with respect to future financial and operating results. Information on these and additional risks, uncertainties, and other information affecting Forte’s business and operating results is contained in Forte’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the Securities and Exchange Commission on August 10, 2020, and in its other filings with the Securities and Exchange Commission. All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Forte undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Source: Forte Biosciences, Inc.

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