Bridge Biotherapeutics Announces 2:1 Bonus Issue
SEONGNAM, South Korea, Sept. 7, 2020 /PRNewswire/ -- Bridge Biotherapeutics (288330 KQ) announced that the company's board of directors approved the issuance of new shares through a 2:1 bonus issue on September 7.
Since Bridge Biotherapeutic's KOSDAQ listing in December 2019, the company has been considering a variety of options to enhance shareholder value. The board members approved the company's first bonus issue in order to proactively increase total shares outstanding, to improve stock liquidity, and most of all, to maximize shareholder value.
In July 2019, Bridge Biotherapeutics entered into a collaboration and license agreement with Boehringer Ingelheim for the development of BBT-877, an autotaxin inhibitor for fibrosing interstitial lung diseases. Under the terms of the agreement, the company is eligible to receive potential payments in excess of EUR 1.1 billion in milestone payments and royalty. In addition to the aforementioned candidate, the company is currently developing two additional drug candidates, both of which have received investigational new drugs (IND) approvals from the US FDA.
James Lee, CEO of Bridge Biotherapeutics said "Bridge Biotherapeutics has abided by all guidelines applicable to a publicly traded company, with a special focus on policies intended to protect the rights of our shareholders," and "we ensure our shareholders that we will continue to grow our business in order to continuously improve shareholder value."
Bridge Biotherapeutics will issue a total of 12,774,116 bonus shares, in accordance to our 2:1 issuance, to our shareholders on the allotment date, on September 23, and the new shares are expected to list on October 15.
Bridge Biotherapeutics is continuing to expand its business through the in-licensing of one or more potential drug candidates and the application of one or more INDs annually. In addition, the company has been continuously advancing the development of BBT-401 (Pellino-1 inhibitor for ulcerative colitis) and BBT-176 (EGFR tyrosine kinase inhibitor for non-small cell lung cancer). BBT-401 will enter into the second cohort study in the Phase IIa trial while BBT-176 will enter into the Phase I/II trial by the end of 2020 or early 2021.
About Bridge Biotherapeutics
Bridge Biotherapeutics Inc., based in the Republic of Korea, US and China is a clinical stage biotech company founded in 2015. Bridge Biotherapeutics is engaged in the discovery and development of novel therapeutics, focusing on therapeutic areas with high-unmet needs, such as ulcerative colitis, fibrotic diseases and cancers. BBT-401, the first-in-class Pellino-1 inhibitor for treatment of ulcerative colitis, is currently in Phase II in the US, and BBT-877, an autotaxin inhibitor to treat various fibrosing interstitial lung diseases including idiopathic pulmonary fibrosis (IPF), was licensed to Boehringer-Ingelheim for further development in July 2019 with potential license value of more than Euro 1.1 billion. BBT-176, a potent targeted cancer therapy for non–small cell lung cancer (NSCLC) is also in development. Bridge Biotherapeutics is a resident company of JLABS @ Shanghai. www.bridgebiorx.com/en
SOURCE Bridge Biotherapeutics, Inc.
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