Keros Therapeutics, Inc. (NASDAQ: KROS) has announced the closing of an upsized public offering of common stock, with the company selling 4,025,000 shares at a public offering price of $40.00 per share. The offering, which closed on January 8, 2024, included the underwriters' full exercise of their option to purchase an additional 525,000 shares, resulting in net proceeds of approximately $151.3 million for Keros.
According to the company, the net proceeds from the offering, combined with its cash and cash equivalents as of September 30, 2023, as well as the net proceeds of approximately $68.5 million from the sale of shares subsequent to September 30, 2023, will enable Keros to fund its planned operating expenses and capital expenditure requirements into 2027.
Goldman Sachs & Co. LLC, Leerink Partners, Piper Sandler, and Truist Securities acted as joint book-running managers for the offering, which was made pursuant to a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (SEC) in May 2021.
Keros Therapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat disorders linked to dysfunctional signaling of the transforming growth factor-beta (TGF-β) family of proteins. The company's lead protein therapeutic product candidate, Ker-050 (elritercept), is being developed for the treatment of low blood cell counts in patients with myelodysplastic syndromes (MDS) and myelofibrosis (MF), while its second product candidate, Ker-012, is intended for the treatment of pulmonary arterial hypertension and cardiovascular disorders. Keros also has a third product candidate, Ker-065, in development for the treatment of obesity and neuromuscular diseases.
Michael Gilman, Ph.D., CEO of Keros, commented on the offering, stating, "We believe that the net proceeds from this offering, together with our cash and cash equivalents and net proceeds from subsequent sales of our common stock, will enable us to fund our planned operating expenses and capital expenditure requirements into 2027."
The full 8-K submission can be accessed here.