SAB Biotherapeutics Raises $85M Offering to Advance SAB-142 Trials
Sab Biotherapeutics closed an underwritten offering of 19,324,677 common shares at $3.85 and pre-funded warrants for 2,753,246 shares at $3.8499, raising $85 million in gross proceeds. Underwriters have a 30-day option on 3,311,688 additional shares, and net proceeds will fund SAB-142 Phase 2b trials and operations.
1. Offering Terms
Sab Biotherapeutics completed an underwritten public offering of 19,324,677 common shares at $3.85 per share and pre-funded warrants for 2,753,246 shares at $3.8499 per warrant. The company granted underwriters a 30-day option for up to 3,311,688 additional shares on the same terms.
2. Use of Proceeds & SAB-142 Program
Net proceeds from the $85 million gross offering, together with existing cash and marketable securities, will support ongoing and planned clinical trials of SAB-142 in a registrational Phase 2b trial for newly diagnosed Stage 3 Type 1 diabetes patients, as well as manufacturing, regulatory activities, working capital, and general corporate purposes.