WALTHAM, Mass., June 20, 2019 (GLOBE NEWSWIRE) -- Eloxx Pharmaceuticals, Inc. (Nasdaq: ELOX) today announced the pricing of an underwritten public offering of 3,333,334 shares of its common stock at a price to the public of $9.00 per share. The gross proceeds to Eloxx from the offering are expected to be approximately $30.0 million, before deducting the underwriting discounts and commissions and offering expenses. The offering is expected to close on or about June 24, 2019, subject to customary closing conditions. In addition, Eloxx has granted the underwriters a 30-day option to purchase up to 500,000 additional shares of its common stock at the public offering price, less the underwriting discounts and commissions. All shares in the offering are being sold by Eloxx.
Eloxx anticipates using the net proceeds from the offering to fund the continued clinical development of ELX-02 in cystic fibrosis and cystinosis, to accelerate development of early-stage programs and for working capital and other general corporate purposes.
Citigroup and Piper Jaffray & Co. are acting as joint book-running managers for the offering.
About Eloxx Pharmaceuticals
Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel RNA-modulating drug candidates (designed to be eukaryotic ribosomal selective glycosides) that are formulated to treat rare and ultra-rare premature stop codon diseases. Premature stop codons are point mutations that disrupt protein synthesis from messenger RNA. As a consequence, patients with premature stop codon diseases have reduced or eliminated protein production from the mutation bearing allele accounting for some of the most severe phenotypes in these genetic diseases. These premature stop codons have been identified in over 1,800 rare and ultra-rare diseases. Read-through therapeutic development is focused on extending mRNA half-life and increasing protein synthesis by enabling the cytoplasmic ribosome to read through premature stop codons to produce full-length proteins. Eloxx’s lead investigational product candidate, ELX-02, is a small molecule drug candidate designed to restore production of full-length functional proteins. ELX-02 is in the early stages of clinical development focusing on cystic fibrosis and cystinosis. ELX-02 is an investigational drug that has not been approved by any global regulatory body. Eloxx’s preclinical candidate pool consists of a library of novel drug candidates designed to be eukaryotic ribosomal selective glycosides identified based on read-through potential. Eloxx recently announced a new program focused on rare ocular genetic disorders. Eloxx is headquartered in Waltham, MA, with operations in Rehovot, Israel.
