Adagene Inc. Announces Closing of Initial Public Offering and Exercise of Underwriters' Over-Allotment Option
Summary
SAN FRANCISCO, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Adagene Inc. ("Adagene" or the "Company") (Nasdaq: ADAG), a platform-driven, clinical-stage biopharmaceutical company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies, today announced the closing of its initial public offering (the "IPO") of 8,457,100 American depositary shares ("ADSs"), at public offering price of US$19.00 per ADS. The aggregate gross proceeds from the IPO were approximately US$161 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. Adagene combines computational biology and artificial intelligence to design novel antibodies that address unmet patient needs. Adagene has forged strategic collaborations with reputable global partners that leverage its technology in multiple approaches at the vanguard of science. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions.