WATERTOWN, Mass., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Aileron Therapeutics, Inc. (Nasdaq: ALRN), today announced that it has entered into definitive agreements with fundamental healthcare investors for the purchase and sale of 32,630,983 of its shares of common stock at a purchase price of $1.10 per share in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about January 8, 2021, subject to the satisfaction of customary closing conditions.

JonesTrading Institutional Services LLC ("JonesTrading") is acting as the placement agent for the offering.

The gross proceeds to Aileron from the offering are expected to be $35.9 million, before deducting the placement agent's fees and other offering expenses payable by Aileron.

Aileron intends to use the net proceeds from the public offering, together with its existing cash, cash equivalents and short-term investments, to fund clinical development of ALRN-6924 as a chemoprotective agent and for working capital and other general corporate purposes.

About Aileron Therapeutics

Aileron is clinical-stage biopharmaceutical company that is focused on transforming the experience of chemotherapy for cancer patients, enabling them to fight cancer without the fear or burden of chemotherapy-induced side effects. ALRN-6924, the company’s first-in-class MDM2/MDMX dual inhibitor activating p53, is the only reported chemoprotective agent in clinical development to employ a biomarker strategy, in which the company exclusively focuses on treating patients with p53-mutated cancers.