Forte Biosciences Announces Closing of $46.0 Million Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares

TORRANCE, Calif.--(BUSINESS WIRE)--Forte Biosciences, Inc. (NASDAQ: FBRX), a clinical-stage biopharmaceutical company, announced today the closing of its previously announced underwritten public offering of an aggregate of 1,614,035 shares of its common stock, which includes 210,526 shares sold upon the full exercise of the underwriters’ option to purchase additional shares at a public offering price of $28.50 per share, less the underwriting discounts and commissions. All of the shares were offered by Forte. Including the option exercise, the aggregate gross proceeds of the offering were approximately $46.0 million, before deducting the underwriting discounts and commissions and other offering expenses.

Ladenburg Thalmann, Truist Securities and Chardan acted as joint book-running managers for the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC, acted 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 was made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A final prospectus supplement and accompanying prospectus related to the offering were filed with the SEC on October 29, 2020 and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering 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 [e-mail], Truist Securities, Inc., Prospectus Department, 3333 Peachtree Road NE, 9th floor, Atlanta, Georgia 30326 or by email at [e-mail], and Chardan Capital Markets, LLC, 17 State Street, Suite 2100, New York, NY 10004 or by email at [e-mail].

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.

Source: Forte Biosciences, Inc.