Annexon Prices Public Offering at $6.25 per Share

Annexon, Inc. (NASDAQ: ANNX), a biopharmaceutical company, has successfully priced its underwritten public offering of 13,001,120 shares of common stock at a price of $6.25 per share. In addition, pre-funded warrants to purchase 7,000,000 shares of common stock were offered to certain investors at a purchase price of $6.249 per share.

The total gross proceeds from this offering are expected to be $125.0 million. This figure does not include underwriting discounts, commissions, and other offering expenses payable by Annexon. The offering is set to close on June 7, 2024, subject to customary closing conditions. Annexon has also granted the underwriters a 30-day option to purchase up to an additional 3,000,168 shares of common stock.

J.P. Morgan, Jefferies, TD Cowen, BofA Securities, and Wells Fargo Securities are acting as joint book-running managers for the offering. The shares are being offered by Annexon pursuant to a shelf registration statement on Form S-3, including a base prospectus, which was declared effective by the SEC on April 1, 2024.

Annexon is a biopharmaceutical company that is advancing a late-stage clinical platform of novel therapies for classical complement-mediated neuroinflammatory diseases of the body, brain, and eye. The company's scientific approach targets upstream C1q to block the classical complement inflammatory cascade before it starts, with therapeutic candidates designed to provide meaningful benefits across multiple autoimmune, neurodegenerative, and ophthalmic diseases. Annexon has proof-of-concept data in Guillain-Barré syndrome, Huntington’s disease, and geographic atrophy.

These developments signify a significant milestone for Annexon as it continues to advance its mid-to-late-stage clinical trials to bring new potential treatments to patients as quickly as possible. The market has reacted to these announcements by moving the company's shares -2.5% to a price of $5.74. Check out the company's full 8-K submission here.

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