MORRISTOWN, N.J., March 4,
2025 /PRNewswire/ -- Aadi Bioscience, Inc. (Nasdaq:
AADI) ("Aadi"), an oncology therapeutics company applying advanced
technologies to established tumor biology to efficiently deliver
advances in cancer treatment, today announced the closing of its
previously announced private placement. The private placement was
led by Ally Bridge Group, with participation from new
investors OrbiMed, Invus, Kalehua Capital and other
accredited investors, Tae Han, co-founder of ProfoundBio,
as well as existing investors, including Avoro
Capital, KVP Capital and Acuta Capital Partners, for
total gross proceeds of approximately $100
million.
Aadi sold and issued an aggregate of 21,592,000 shares of its
common stock ("Common Stock") at a price of $2.40 per
share,
and pre-funded warrants ("Pre-Funded Warrants")
to purchase up to an aggregate of 20,076,500 shares of Common Stock
at a purchase price of $2.3999 per Pre-Funded
Warrant share in a private placement exempt from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act").
Jefferies LLC acted as exclusive placement agent for the private
placement.
Aadi intends to use the net proceeds from the private placement
to fund certain upfront payments under its license agreement with
WuXi Biologics (Shanghai FX) Co., Ltd. and for working capital and
other general corporate purposes. The proceeds from this private
placement and the sale of Aadi's FYARRO® business,
together with Aadi's existing cash, cash equivalents and marketable
securities, are expected to fund operations into 2028, including
anticipated clinical data readouts for its ADC portfolio.
The Common Stock and Pre-Funded Warrants sold in the private
placement have not been registered under the Securities Act, or any
state or other applicable jurisdiction's securities laws and may
not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the Securities Act and applicable
state or other jurisdictions' securities laws. In connection with
the private placement, Aadi and the investors entered into a
registration rights agreement pursuant to which Aadi will file a
registration statement (the "Resale Registration Statement") with
the U.S. Securities and Exchange Commission (the "SEC") registering
the resale of the shares of Common Stock sold in the private
placement. Any offering of the shares sold in the private placement
under the Resale Registration Statement will only be made by means
of a prospectus.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy Aadi's Common Stock, nor shall
there be any offer, solicitation, or sale of Aadi's Common Stock in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Aadi Bioscience
Aadi is a precision
oncology company with a vision to make bold choices in applying
technology to efficiently deliver improved precision oncology
therapies for people living with difficult-to-treat cancers.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release may
constitute "forward-looking statements" within the meaning of the
federal securities laws, including, but not limited to, our
expectations and plans regarding our current product candidates and
programs, including statements regarding the anticipated use of
proceeds from the private placement, the anticipated completion of
the proposed sale of FYARRO, the filing of a registration
statement or final prospectus, as applicable, to register the
resale of the shares of Common Stock (including shares of Common
Stock subject to Pre-Funded Warrants) issued and sold in the
private placement, Aadi's anticipated cash, cash equivalents and
marketable securities position and cash runway of the company
following the sale of FYARRO and the closing of the private
placement, and other information that is not historical
information. Words such as "may," "might," "will," "objective,"
"intend," "should," "could," "can," "would," "expect," "believe,"
"design," "estimate," "predict," "potential," "develop," "plan" or
the negative of these terms, and similar expressions, or statements
regarding intent, belief, or current expectations, are
forward-looking statements. While Aadi believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements. These
forward-looking statements are based upon current information
available to the company as well as certain estimates and
assumptions and are subject to various risks and uncertainties
(including, without limitation, those set forth in Aadi's filings
with the SEC), many of which are beyond the company's control and
subject to change. Actual results could be materially different
from those indicated by such forward looking statements as a result
of many factors, including but not limited to: risks and
uncertainties related to global macroeconomic conditions and
related volatility; expectations regarding the initiation,
progress, and expected results of Aadi's clinical trials and
research and development programs; delays in submission of
regulatory filings or failure to receive regulatory approval; and
other risks and uncertainties identified in Aadi's Annual Report on
Form 10-K for the fiscal year ended December 31, 2023,
including under the caption "Item 1A. Risk Factors," and in Aadi's
subsequent Quarterly Reports on Form 10-Q, and elsewhere in Aadi's
reports and other documents that Aadi has filed, or will file, with
the SEC from time to time and available
at www.sec.gov, including the Definitive Proxy Statement filed
on January 31, 2025. All
forward-looking statements in this press release are current only
as of the date hereof and, except as required by applicable law,
Aadi undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise. All forward-looking statements are qualified in their
entirety by this cautionary statement. This cautionary statement is
made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Contact:
IR@aadibio.com
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SOURCE Aadi Bioscience
