Forte Biosciences raises $25M in private placement; announces promising FB-102 data in GvHD

Forte Biosciences, Inc.

Raised ~$25M gross from private placement with top-tier institutional investors; execs and board purchased $1.16M.
FB-102 (anti-CD122) showed 90% survival in acute GvHD model vs 0% vehicle, superior to ruxolitinib (60% single agent).
Combination of FB-102 with ruxolitinib yielded 90% survival vs 30% for ruxolitinib alone in preclinical model.
Forte plans to advance FB-102 into clinic in 2024; preclinical PoC data supports potential in vitiligo, celiac, alopecia, T1D, and transplant.

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Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Forte Biosciences, Inc. entered into Securities Purchase Agreement with certain qualified institutional buyers, institutional accredited investors and certain executive officers, senior management, and members of the Board of Directors of the Company valued at approximately $25 million (effective 2023-07-28).

Action: entry
Agreement: equity purchase
Counterparty: certain qualified institutional buyers, institutional accredited investors and certain executive officers, senior management, and members of the Board of Directors of the Company
Value: approximately $25 million
Effective: 2023-07-28

Exact text from the filing

On July 28, 2023, Forte Biosciences, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) for a private placement (the “Private Placement”) with certain qualified institutional buyers, institutional accredited investors and certain executive officers, senior management, and members of the Board of Directors of the Company (the “Board”) (each, a “Purchaser” and collectively, the “Purchasers”).

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Forte Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-200540

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