Forma Therapeutics launches proposed public offering of 4.6m shares

WATERTOWN: Forma Therapeutics Holdings it has launched a proposed public offering of 4.6 million shares of its common stock, a news release said.

All of the shares of common stock in the offering will be offered by Forma. In addition, Forma expects to grant the underwriters a 30-day option to purchase up to 690,000 additional shares of common stock.

Together with its existing cash and cash equivalents, Forma intends to use the net proceeds of the offering for (i) the development of its lead program FT-4202 in sickle cell disease including completion of its ongoing Phase 1 clinical trial and, subject to the results of its Phase 1 clinical trial, the initiation and conduct of its planned, global pivotal Phase 2/3 clinical trial through Phase 3 dose selection and hemoglobin futility and hemoglobin improvement, the initiation and conduct of a clinical trial in pediatric sickle cell disease and the initiation and conduct of a clinical trial in beta thalassemia through an initial data readout;

(ii) the advancement of FT-7051 in metastatic castration-resistant prostate cancer, through its planned Phase 1 clinical trial; and

(iii) research and development, working capital, and general corporate purposes, including funding pre-approval activities for FT-2102 in acute myeloid leukemia and the completion of other noncore programs. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering.

Jefferies, SVB Leerink and Credit Suisse are acting as joint book-running managers for the offering.

Forma Therapeutics is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics to transform the lives of patients with rare hematologic diseases and cancers.