Belite Bio, a Phase 3 biotech developing an oral therapy for retinal degeneration diseases, raised $36 million by offering 6 million ADSs at $6, the midpoint of the range of $5.50 to $6.50. Parent Lin BioScience agreed to purchase $15 million worth of ADSs in the offering (42% of the deal).
Belite is developing novel therapies for untreatable eye diseases involving retinal degeneration such as atrophic age-related macular degeneration (dry AMD) and autosomal recessive Stargardt disease (STGD1), and metabolic diseases such as non-alcoholic fatty liver disease, nonalcoholic steatohepatitis, type 2 diabetes, and gout. The company’s lead candidate, LBS-008, is an oral once-a-day treatment being developed for STGD1. Belite is currently evaluating LBS-008 in adolescent STGD1 patients in a Phase 2 trial in Australia and Taiwan and has initiated a Phase 3 trial, with approval to commence patient enrollment in Taiwan, the UK, Hong Kong, and Switzerland.
Belite Bio plans to list on the Nasdaq under the symbol BLTE. The Benchmark Company acted as sole bookrunner on the deal.
