REDWOOD CITY, Calif. - Jasper Therapeutics, Inc. (NASDAQ:JSPR), a biotechnology firm focusing on novel antibody therapies, has announced the pricing of its public stock offering at $12.95 per share. The company aims to raise approximately $50 million before deductions for underwriting discounts and other offering expenses. The offering consists of 3,900,000 shares of common stock and is expected to close on February 8, 2024, subject to customary closing conditions.
The net proceeds from the offering are intended for the advancement of Jasper's clinical and preclinical programs, including the development of briquilimab for mast-cell driven diseases such as chronic spontaneous urticaria (CSU) and Chronic Inducible Urticaria (CIndU). Funds will also support general corporate purposes, which may encompass capital expenditures, working capital, and administrative expenses.
Jasper has engaged TD Cowen and Evercore ISI as joint book-running managers, with RBC Capital Markets serving as the lead manager for the transaction. The offering has attracted a mix of new and existing investors, including prominent names like Abingworth, Avidity Partners, and Great Point Partners, among others.
The company's focus is on briquilimab, an antibody targeting c-Kit (CD117), which has shown efficacy and safety in over 145 dosed participants and volunteers. It is being developed for various conditions including myelodysplastic syndromes (MDS) and as a conditioning agent for stem cell transplants in diseases such as sickle cell disease (SCD) and severe combined immunodeficiency (SCID).
This press release includes forward-looking statements regarding the offering's completion, anticipated proceeds, and the use of those proceeds. Jasper cautions that these statements are subject to risks and uncertainties that may cause actual results to differ materially.
The securities are being offered pursuant to a registration statement on Form S-3, declared effective by the Securities and Exchange Commission (SEC) on May 5, 2023. The prospectus supplement and accompanying prospectus describing the offering have been filed with the SEC.
This article is based on a press release statement from Jasper Therapeutics, Inc.
InvestingPro Insights
As Jasper Therapeutics, Inc. (NASDAQ:JSPR) gears up for its public stock offering, potential investors may find the latest metrics and market sentiments from InvestingPro invaluable for making informed decisions. The company's market capitalization stands at a modest $172.95 million, reflecting its current valuation within the biotechnology sector. Despite the challenges, Jasper's stock has exhibited a significant return over the last month, with a 1 Month Price Total Return of 83.69%, a possible indicator of growing investor confidence.
From an operational standpoint, the financial health of Jasper is a mixed bag. An InvestingPro Tip highlights that the company holds more cash than debt on its balance sheet, which is a positive sign for liquidity and financial stability. However, another tip indicates that Jasper is quickly burning through its cash reserves, which may raise concerns about long-term sustainability, especially as it continues to invest heavily in its clinical and preclinical programs.
Investors looking for additional insights can find a wealth of information on InvestingPro, with 12 more InvestingPro Tips available for Jasper Therapeutics. These tips range from the company's profitability forecasts to its stock price volatility. For those seeking to delve deeper into Jasper's financials and market performance, using the coupon code SFY24 will get them an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 for a 10% discount on a 1-year subscription.
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