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Alector sets public offering at $75 million

EditorAhmed Abdulazez Abdulkadir
Published 01/17/2024, 09:54 AM
© Reuters.
ALEC
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SOUTH SAN FRANCISCO - Alector, Inc. (NASDAQ:ALEC), a biotech firm engaged in immuno-neurology research, has announced the pricing of its public offering of 10,869,566 shares at a total value of $75 million, before underwriting discounts and commissions, along with estimated offering expenses. The offering is scheduled to conclude on January 19, 2024, pending the fulfillment of standard closing conditions.

The company, which is solely responsible for the sale of the shares, has also given the underwriter, Cantor Fitzgerald & Co., a 30-day option to buy up to an additional 1,630,434 shares at the public offering price, after accounting for underwriting discounts and commissions.

This offering follows a shelf registration statement on Form S-3, filed and declared effective by the Securities and Exchange Commission (SEC) on May 1, 2023. The prospectus and accompanying prospectus supplement, which are part of this registration statement, can be accessed on the SEC's website.

Alector, headquartered in South San Francisco, California, is at the forefront of developing treatments for neurodegenerative diseases by targeting immune system dysfunction, a key factor in such diseases. The company is currently advancing a diverse portfolio of product candidates designed to repair genetic mutations that impair the brain's immune system, with the goal of enabling immune cells to combat brain pathologies. Alector's research focuses on addressing conditions such as Alzheimer's disease and genetically defined frontotemporal dementia.

This news article is based on a press release statement from Alector, Inc. and does not constitute an offer to sell or a solicitation of an offer to buy any securities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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