PHILADELPHIA, Oct. 25, 2019 (GLOBE NEWSWIRE) -- Cabaletta Bio, Inc. (NASDAQ:CABA), a clinical stage biotechnology company focused on the discovery and development of engineered T cell therapies for patients with B cell-mediated autoimmune diseases, today announced the pricing of its initial public offering of 6,800,000 shares of common stock at a price to the public of $11.00 per share.
In addition, Cabaletta has granted the underwriters a 30-day option to purchase up to 1,020,000 additional shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on The Nasdaq Global Select Market under the trading symbol "CABA" on October 25, 2019, and the offering is expected to close on October 29, 2019, subject to customary closing conditions. Cabaletta expects net proceeds from the offering will be approximately $66.2 million (assuming no exercise of the underwriters' option to purchase additional shares of common stock), after deducting underwriting discounts, commissions and estimated offering expenses. All of the common stock is being offered by Cabaletta.
Morgan Stanley, Cowen, and Evercore ISI are acting as joint book-running managers for the offering.
This press release shall 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 registration or qualification under the securities laws of any such state or jurisdiction.
About Cabaletta Bio
Editor's Note: Drs. Payne, Milone and Nichtberger are University of Pennsylvania faculty members and hold equity stakes in the Company, and the University of Pennsylvania is an equity holder and investor in the Company. In addition, both Penn and the inventors of the licensed technology may receive additional financial benefits under the license in the future.
Investors and Contacts:
Anup Marda
Chief Financial Officer
[email protected]
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