CAMBRIDGE, Mass., Sept. 11, 2020 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset clinical-stage biopharmaceutical company focused on identifying, developing and commercializing treatments in high unmet need areas involving multidrug-resistant (MDR) bacterial infections and rare diseases, today announced the pricing of its previously announced underwritten public offering of 4,785,000 shares of its common stock and 3,215,000 shares of its non-voting Series D Convertible Preferred Stock. The public offering price of each share of common stock and each share of Series D Convertible Preferred Stock is $10.00.

The gross proceeds to Spero from this offering are expected to be $80.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Spero. All of the securities in the offering are being sold by Spero. In addition, Spero has granted the underwriters in the offering a 30-day option to purchase up to an additional 1,200,000 shares of common stock at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about September 15, 2020, subject to customary closing conditions.

The shares of Series D Convertible Preferred Stock are convertible on a one-to-one basis into shares of common stock, provided that the conversion will be prohibited if, as a result, the holder of the Series D Convertible Preferred Stock and its affiliates would own more than 9.99% of the total number of shares of common stock then outstanding.

Spero intends to use the net proceeds from the offering, together with its existing cash and cash equivalents and committed funding from its existing BARDA contract and other non-dilutive funding commitments, to fund the advancement of tebipenem HBr through the filing of a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA), the ongoing development of its pipeline products, and for working capital and other general corporate purposes.

Cowen and Company, LLC, Evercore Group, L.L.C. and Cantor Fitzgerald & Co. are acting as joint book-running managers for the offering. Oppenheimer & Co. Inc. is acting as lead manager for the offering, and H.C. Wainwright & Co., LLC is acting as co-manager for the offering.

About Spero

Spero is a multi-asset clinical-stage biopharmaceutical company focused on identifying, developing and commercializing novel treatments for multidrug-resistant (MDR) bacterial infections and rare diseases.