Spero Therapeutics (SPRO) Announces Proposed 8M Share Common Offering

Spero Therapeutics, Inc. (NASDAQ: SPRO) today announced that it has commenced an underwritten public offering of 8,000,000 shares of common stock in the aggregate, consisting of an offering of shares of common stock (the “common stock offering”) and shares of non-voting Series D Convertible Preferred Stock with each share of Series D Convertible Preferred Stock being convertible into 1,000 shares of common stock. All of the securities in the offering will be sold by Spero. In addition, Spero expects to grant the underwriters in the common stock offering a 30-day option to purchase up to an additional 15% of the shares of common stock at the public offering price, less the underwriting discounts and commissions.

Spero intends to use the net proceeds from the offering, together with its existing cash and cash equivalents and committed funding from its existing BARDA contract and other non-dilutive funding commitments, to fund the advancement of tebipenem HBr through the filing of a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA), through the NDA approval process and, if approved by the FDA, through its initial commercialization, the ongoing development of its pipeline products, and for working capital and other general corporate purposes.

Cowen and Company, LLC, Evercore Group, L.L.C. and Cantor Fitzgerald & Co. are acting as joint book-running managers for the offering. Oppenheimer & Co. Inc. is acting as lead manager for the offering, and H.C. Wainwright & Co., LLC is acting as co-manager for the offering. 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.

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