89bio Inc. (ETNB) Announces Proposed 2.2M Common Share Offering

89bio, Inc. (NASDAQ: ETNB) today announced that it has commenced an underwritten public offering of 2,200,000 shares of its common stock. In addition, the company is expected to grant the underwriters of the offering an option for a period of 30 days to purchase up to an additional 330,000 shares of common stock at the public offering price, less the underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

89bio intends to use the net proceeds of the offering, along with its existing cash and cash equivalents, to accelerate and support its BIO89-100 programs in nonalcoholic steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG), for the manufacture and scale up of BIO89-100, and for other general corporate purposes.

BofA Securities, SVB Leerink and RBC Capital Markets are acting as joint book-running managers for the offering.

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