Climb Bio Completes $110M Private Placement

Climb Bio announced that it has entered into a securities purchase agreement with a select group of institutional accredited investors to sell securities in a private placement for aggregate gross proceeds of approximately $110M, before deducting placement agent fees and other offering expenses. The private placement is expected to close on or about April 29, subject to the satisfaction of customary closing conditions. The private placement included participation from new and existing shareholders including Adage Capital Partners, L.P., ADAR1 Capital Management, Affinity Asset Advisors, LLC, Ally Bridge Group, Cormorant Asset Management, Driehaus Capital Management, Great Point Partners, LLC, RA Capital Management, Redmile, Sirenia Capital Management LP, Woodline Partners LP, and other institutional investors. Leerink Partners and Piper Sandler are acting as lead placement agents in the private placement. Raymond James, BTIG, Baird, and H.C. Wainwright & Co. are also acting as placement agents in the private placement. In the private placement, the Company is selling an aggregate of 9.481M shares of common stock at a purchase price of $9.50 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 2.106M shares of common stock at a purchase price of $9.4999 per pre-funded warrant. Each pre-funded warrant will have an exercise price of $0.0001 per share and will be exercisable immediately subject to certain beneficial ownership limitations set by each holder, until exercised in full.