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Wilson Sonsini Advises Aadi Bioscience, Inc. on $72.5 Million Private Placement Equity Financing

  • 09/22/22
  • Client Highlights
  • Biotech
  • Life Sciences

On September 22, 2022, Aadi Bioscience, Inc., a commercial-stage biopharmaceutical company focused on precision therapies for genetically-defined cancers with alterations in mTOR pathway genes, announced it has entered into a securities purchase agreement with a new accredited investor and certain existing investors to issue and sell an aggregate of 3,373,526 shares of its common stock at a price of $12.50 per share, reflecting the closing price on September 21, 2022 on NASDAQ, and pre-funded warrants to purchase up to an aggregate of 2,426,493 shares of common stock at a purchase price of $12.4999 per pre-funded warrant share, through a private investment in public equity (PIPE) financing. The Pre-Funded Warrants will have an exercise price of $0.0001 per share of common stock, to be immediately exercisable and remain exercisable until exercised in full. Aadi Bioscience anticipates the gross proceeds from the PIPE to be approximately $72.5 million, before deducting any offering related expenses. The financing is expected to close on September 26, 2022, subject to customary closing conditions.

In addition to supporting the continued advancement of the PRECISION 1 trial and growing FYARRO commercial efforts, the company intends to use net proceeds from the financing to fund research and development of additional clinical opportunities with FYARRO and for working capital and general corporate purposes. The proceeds from this PIPE financing, combined with current cash, cash equivalents and marketable securities is expected to fund operating and capital expenditures into 2025.

The Wilson Sonsini team advising Aadi Bioscience on the transaction includes:

Dan Koeppen
Rob Wernli
David Sharon
Michael Brito-Stamm
Carole Rosenberg
Lauren Nilles
Savir Punia

For more information, please see Aadi Bioscience’s press release.

ECP Attorneys:

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