ASLAN Pharmaceuticals Prices Initial Public Offering of Its American Depositary Shares

SINGAPORE, May 04, 2018 (GLOBE NEWSWIRE) -- ASLAN Pharmaceuticals Limited (TPEx:6497.TT), a clinical-stage biopharmaceutical company targeting cancers that are both highly prevalent in Asia and orphan indications in the United States and Europe, today announced that it has priced an underwritten public offering of 6,000,000 American Depositary Shares (ADSs) at a public offering price of $7.03 per ADS. Each ADS represents 5 ordinary shares of ASLAN. ASLAN’s ordinary shares are currently listed for trading on the Taipei Exchange (TPEx). The gross proceeds to ASLAN, before deducting underwriting discounts, commissions and other offering expenses, are expected to be approximately $42.2 million. All of the ADSs in the offering are being sold by ASLAN. In addition, ASLAN has granted the underwriters of the offering an option, exercisable at any time through and until one day before the closing date of this offering, to purchase up to an additional 900,000 ADSs solely to cover over-allotments at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about 8 May 2018, subject to customary closing conditions. The ADSs are expected to begin trading on 4 May 2018 on the Nasdaq Global Market under the trading symbol “ASLN”.

ASLAN expects to use the net proceeds from the offering to continue to invest in the clinical development of its product candidates, including for the following planned and ongoing clinical trials: global pivotal clinical trial for varlitinib in biliary tract cancer; China pivotal clinical trial for varlitinib in biliary tract cancer; global phase 2/3 clinical trial for varlitinib in gastric cancer; global clinical trials for ASLAN003 in AML; and ASLAN004 preclinical and phase 1 clinical trials. The remaining net proceeds are expected to fund new and other ongoing research and development activities, working capital and other general corporate purposes.

Leerink Partners and Piper Jaffray & Co. are acting as joint book-running managers for this offering. BTIG, H.C. Wainwright & Co. and CLSA Limited are acting as co-managers for this offering. 

The ADSs described above are being offered by ASLAN pursuant to a registration statement on Form F-1 previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on 4 May 2018. A final prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website located at Copies of the final prospectus, when available, may be obtained from Leerink Partners LLC, Attn: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at 800-808-7525 ext. 6132 or by email at; or Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at 800-747-3924 or via email at  

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About ASLAN Pharmaceuticals

ASLAN Pharmaceuticals is a clinical-stage oncology-focused biopharmaceutical company developing novel therapeutics for global markets. ASLAN targets diseases that are both highly prevalent in Asia and orphan indications in the United States and Europe. Led by a senior management team with extensive experience in global and regional development and commercialization, ASLAN is headquartered in Singapore and has offices in Taiwan and China. ASLAN’s portfolio is comprised of four product candidates which target validated growth pathways applied to new patient segments, novel immune checkpoints and novel cancer metabolic pathways. ASLAN’s partners include Array BioPharma, Bristol-Myers Squibb, Almirall and CSL.

Forward Looking Statements

This press release contains forward-looking statements regarding ASLAN’s current expectations. These forward-looking statements include, without limitation, references to ASLAN’s expectations regarding the commencement of trading of ADSs on the Nasdaq Global Market, the completion of the public offering and its anticipated use of net proceeds from the offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to completion of the public offering and the satisfaction of customary closing conditions related to the public offering. These and other risks and uncertainties are described more fully in the section captioned “Risk Factors” in the final prospectus related to the public offering to be filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and ASLAN undertakes no duty to update such information except as required under applicable law.

Media and IR contacts

Robert H Uhl
Westwicke Partners
Tel: +1 858 356 5932
Emma Thompson / Stephanie Tan
Spurwing Communications
Tel: +65 6340 7287
Chris Fang
ASLAN Pharmaceuticals
Tel: +886 2 2758 3333