BOSTON, Jan. 25, 2018 (GLOBE NEWSWIRE) -- resTORbio, Inc., a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for the treatment of aging-related diseases, today announced the pricing of its initial public offering of 5,666,667 shares of common stock at a public offering price of $15.00 per share. In addition, resTORbio has granted the underwriters a 30-day option to purchase up to 850,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be $85 million, excluding any exercise of the underwriters’ option to purchase additional shares. The shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “TORC” on Friday, January 26, 2018. The offering is expected to close on January 30, 2018, subject to customary closing conditions.
BofA Merrill Lynch, Leerink Partners, and Evercore ISI are serving as joint book-running managers for the proposed offering. Wedbush PacGrow is acting as a co-manager for the proposed offering.
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. The offering will be made only by means of a prospectus. Copies of the final prospectus relating to this offering, when available, may be obtained from BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at email@example.com; Leerink Partners, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525 ext. 6132, or by email at firstname.lastname@example.org; or Evercore ISI, Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, telephone: (888) 474-0200, or by email at email@example.com.
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.
resTORbio, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for the treatment of aging-related diseases. resTORbio’s lead program focuses on selective inhibition of the target of rapamycin complex 1 (TORC1) pathway to treat aging-related diseases with an initial focus on diseases caused by immunosenescence, the decline in immune function that occurs during aging.
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Source: resTORbio, Inc.