Terns Announces Pricing of Upsized $150.15 Million Public Offering
Summary
FOSTER CITY, Calif., Sept. 10, 2024 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (Terns or the Company) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity, today announced the pricing of its upsized underwritten public offering of 11,919,048 shares of its common stock at a public offering price of $10.50 per share, and, in lieu of common stock to certain investors, pre-funded warrants to purchase 2,380,952 shares of its common stock at a public offering price of $10.4999 per pre-funded warrant, in each case before underwriting discounts and commissions. Citizens JMP and Mizuho are acting as co-lead managers for the proposed offering.Terns intends to use the net proceeds from the proposed offering, to fund research, clinical trials, development and manufacturing of the Companys key product candidates, including TERN-701, TERN-601 and other programs, including Terns TERN-800 series, and for working capital and general corporate purposes.A shelf registration statement on Form S-3 (File No. Terns pipeline contains three clinical stage development programs including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1 receptor agonist, a THR- agonist, and a preclinical GIPR modulator discovery effort, prioritizing a GIPR antagonist nomination candidate.This press release contains forward-looking statements about Terns Pharmaceuticals, Inc. (the Company, we, us, or our) within the meaning of the federal securities laws, including the anticipated closing date of the proposed public offering and the Companys anticipated use of proceeds of the proposed public offering. In some cases, you can identify forward-looking statements by terminology such as aim, anticipate, assume, believe, contemplate, continue, could, design, due, estimate, expect, goal, intend, may, objective, plan, positioned, potential, predict, seek, should, target, will, would and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These statements are subject to risks and uncertainties that could cause the actual results and the implementation of the Companys plans to vary materially, including the risks associated with the initiation, cost, timing, progress, results and utility of the Companys current and future research and development activities and preclinical studies and clinical trials.