Menlo Therapeutics Announces Pricing of Offering of Common Stock

BRIDGEWATER, N.J., June 05, 2020 (GLOBE NEWSWIRE) -- Menlo Therapeutics Inc. (“Menlo”) (Nasdaq: MNLO), a specialty pharmaceutical company focused on developing and commercializing proprietary therapies to address unmet needs in dermatology, today announced the pricing of an underwritten public offering of 27,050,000 shares of common stock at a price to the public of $1.85 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $50,042,500, excluding any exercise of the underwriters’ option to purchase additional shares. All of the shares of common stock to be sold in the offering will be offered by Menlo. In addition, Menlo has granted the underwriters a 30-day option to purchase up to an additional 4,057,500 shares of its common stock. The offering is expected to close on June 9, 2020, subject to customary closing conditions.

Cowen and Piper Sandler & Co. are acting as joint book-runners for the proposed offering. LifeSci Capital LLC is acting as lead manager.

A shelf registration statement relating to these securities was previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on February 12, 2019. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC and is available on the SEC’s web site at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to these securities may also be obtained, when available, from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attention: Prospectus Department, by email at [e-mail] or by telephone at [phone]; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at [phone] or by email at [e-mail].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Menlo Therapeutics  

Menlo Therapeutics Inc. recently combined with Foamix Pharmaceuticals Ltd. (“Foamix”) to form a different type of biopharmaceutical company working to solve some of today’s most difficult therapeutic challenges in dermatology and beyond. Foamix is now a wholly-owned subsidiary of Menlo.