89bio announces closing of its upsized public offering and full exercise of underwriters' option to purchase additional shares

San francisco, dec. 12, 2023 (globe newswire) -- 89bio, inc. (“89bio”) (nasdaq: etnb), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardiometabolic diseases, today announced that it closed its previously announced upsized underwritten public offering of 17,567,567 shares of its common stock, including the full exercise by the underwriters of their option to purchase an additional 2,432,432 shares, at a public offering price of $9.25 per share, and, in lieu of common stock to a certain investor, pre-funded warrants to purchase up to 1,081,081 shares of its common stock, at a purchase price of $9.249 per pre-funded warrant, which equals the public offering price per share of the common stock less the $0.001 exercise price per share of each pre-funded warrant. the gross proceeds to the company, before deducting underwriting discounts and commissions and other offering expenses payable by the company, were approximately $172.5 million.
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