Chiasma Announces Pricing of a Public Offering of $70 Million of Common Stock and Pre-Funded Warrants

NEEDHAM, Mass., July 01, 2020 (GLOBE NEWSWIRE) -- Chiasma, Inc. (NASDAQ: CHMA), a commercial biopharmaceutical company focused on developing and commercializing oral therapies utilizing its proprietary Transient Permeability Enhancer (TPE) delivery platform technology to reduce the burden of chronic injections for people with rare diseases, today announced the pricing of its previously announced underwritten public offering of 12,500,000 shares of its common stock and, to certain investors in lieu thereof, pre-funded warrants to purchase up to 5,000,000 shares of its common stock at an exercise price of $0.0001 per share. The public offering price of each share of common stock is $4.00 and the public offering price of each pre-funded warrant is $3.9999 per underlying share. In addition, Chiasma has granted the underwriters a 30-day option to purchase up to an additional 2,625,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. This offering is expected to close on or about July 6, 2020, subject to satisfaction of customary closing conditions.

Jefferies, Piper Sandler & Co. and Cantor are acting as book-running managers for the offering. H.C. Wainwright & Co. is acting as lead manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC is acting as co-manager for the offering.

Chiasma expects to receive gross proceeds of $70 million, before deducting underwriting discounts and offering expenses (without giving effect to any exercise of the underwriters’ option to purchase additional shares, if any). Chiasma intends to use the net proceeds from the offering primarily for advancing the ongoing commercialization of MYCAPSSA in the United States for the treatment of acromegaly; activities to support the planned submission of a marketing authorization application to the European Medicines Agency for regulatory approval of MYCAPSSA in the European Union for acromegaly, assuming positive data from the MPOWERED Phase 3 trial; early clinical development of one or more potential pipeline candidates using its TPE platform technology; and working capital and other general corporate purposes.