89bio, Inc. Announces Upsized Pricing of $94.5 Million Public Offering of Common Stock, Pre-Funded Warrants and Warrants

SAN FRANCISCO, June 29, 2022 (GLOBE NEWSWIRE) -- 89bio, Inc. (“89bio”) (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases, today announced the pricing of its previously announced underwritten public offering of 18,675,466 shares of its common stock and accompanying warrants to purchase up to 9,337,733 shares of common stock at a combined public offering price of $3.55 and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 7,944,252 shares of its common stock and accompanying warrants to purchase up to 3,972,126 shares of common stock at a combined public offering price of $3.549. The pre-funded warrants have an exercise price of $0.001 per share, and are exercisable immediately. The warrants have an exercise price of $5.325 per share, are exercisable immediately, and will expire two years following the date of issuance. The gross proceeds of the offering to 89bio, before deducting the underwriting discounts and commissions and other offering expenses payable by 89bio, are expected to be approximately $94.5 million. The offering is expected to close on or about July 1, 2022, subject to the satisfaction of customary closing conditions.

BofA Securities and SVB Securities are acting as lead book-running managers for the offering, and RBC Capital Markets, Cantor and Raymond James are also acting as book-running managers. H.C. Wainwright & Co. is acting as lead manager for the offering.

A shelf registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and became effective on April 23, 2021. The offering of the securities is being made only by means of a prospectus, including a prospectus supplement, forming a part of an effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website, located at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus related to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov and may also be obtained, when available, by contacting BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or by email at [e-mail]; SVB Securities, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at [phone], ext. 6105 or by email at [e-mail]; RBC Capital Markets LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, New York 10281, or by telephone at [phone], or by email at [e-mail]; Cantor Fitzgerald & Co. Attn: Capital Markets, 499 Park Avenue, 4th Floor, New York, NY 10022 or by email at [e-mail]; or Raymond James & Associates, Inc., Attn: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida, by telephone at [phone], or by email at [e-mail].