SAN DIEGO, Dec. 6, 2017 /PRNewswire/ -- Viking Therapeutics,
Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage biopharmaceutical
company focused on the development of novel therapies for metabolic
and endocrine disorders, today announced the pricing of its public
offering of 5,130,435 shares of its common stock at a price to the
public of $2.50 per share. Gross
proceeds, before underwriting discounts and commissions and
estimated offering expenses, are expected to be approximately
$12.8 million. Viking currently
intends to use the net proceeds from the offering for continued
development of its VK5211, VK2809 and VK0214 programs and for
general research and development, working capital and general
corporate purposes. In addition, Viking has granted the
underwriters a 30-day option to purchase up to 769,565 additional
shares of its common stock. The offering is expected to close on or
about December 11, 2017, subject to
satisfaction of customary closing conditions.
William Blair & Company,
L.L.C. is acting as sole book-running manager for the offering and
Maxim Group LLC and Roth Capital Partners are acting as co-managers
for the offering.
The public offering will be made pursuant to a shelf
registration statement on Form S-3 (File No. 333-212134),
previously filed with the Securities and Exchange Commission (the
"SEC") on June 20, 2016, as amended
by Amendment No. 1 thereto, previously filed with the SEC on
July 26, 2016, and declared effective
on July 26, 2016. The securities may
be offered only by means of a prospectus. A preliminary prospectus
supplement and the accompanying prospectus relating to and
describing the terms of the offering have been filed with the SEC
and are available on the SEC's website at www.sec.gov. Copies of
the preliminary prospectus supplement and the accompanying
prospectus, and when available, copies of the final prospectus
supplement and the accompanying prospectus relating to the offering
may also be obtained by contacting William
Blair & Company, L.L.C. at 150 North Riverside Plaza,
Chicago, Illinois 60606,
Attention: Prospectus Department, by telephone at (800) 621-0687,
or by email at prospectus@williamblair.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or 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
jurisdiction.
About Viking Therapeutics, Inc.
Viking Therapeutics,
Inc. is a clinical-stage biopharmaceutical company focused on the
development of novel, first-in-class or best-in-class therapies for
metabolic and endocrine disorders. The company's research and
development activities leverage its expertise in metabolism to
develop innovative therapeutics designed to improve patients'
lives. Viking has exclusive worldwide rights to a portfolio
of five therapeutic programs in clinical trials or preclinical
studies, which are based on small molecules licensed from Ligand
Pharmaceuticals Incorporated. The company's clinical programs
include VK5211, an orally available, non-steroidal selective
androgen receptor modulator, or SARM, in Phase 2 development for
the treatment and prevention of lean body mass loss in patients who
have undergone hip fracture surgery, VK2809, a small molecule
thyroid beta agonist in Phase 2 development for
hypercholesterolemia and non-alcoholic fatty liver disease, and
VK0612, a first-in-class, orally available drug candidate in Phase
2 development for type 2 diabetes. Viking is also developing
novel and selective agonists of the thyroid beta receptor for GSD
Ia and X-linked adrenoleukodystrophy, as well as two earlier-stage
programs targeting metabolic diseases and anemia.
Forward-Looking Statements
Viking cautions you that
statements included in this press release that are not a
description of historical facts are forward-looking statements.
Words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek," "estimate," "think," "may," "could," "will," "would,"
"should," "continue," "potential," "likely," "opportunity" and
similar expressions or variations of such words are intended to
identify forward-looking statements, but are not the exclusive
means of identifying forward-looking statements. These statements
are based on Viking's current beliefs and expectations. These
forward-looking statements include statements regarding Viking's
expectations on the timing, size and completion of the offering,
the amount of proceeds expected from the offering and the
anticipated use of proceeds therefrom. The inclusion of
forward-looking statements should not be regarded as a
representation by Viking that any of its plans will be achieved.
Actual results may differ from those set forth in this press
release due to the risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the proposed public offering and other risks and
uncertainties inherent in Viking's business, including those
described in Viking's periodic filings with the SEC and the
prospectus supplement and related prospectus for this offering
filed with the SEC. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date hereof. There may be events in the future that Viking is
unable to predict, or over which it has no control, and Viking's
business, financial condition, results of operations and prospects
may change in the future. Viking assumes no responsibility to
update or revise any forward-looking statements to reflect events,
trends or circumstances after the date they are made, except as
required by applicable law. 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.
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SOURCE Viking Therapeutics, Inc.