Joint Bookrunner on Satellos Bioscience’s $57.2MM Initial U.S. Public Offering

Oppenheimer & Co. Inc. acted as Joint Bookrunner on Satellos Bioscience’s $57.2MM Initial U.S. Public Offering

Satellos Bioscience Inc., a clinical-stage biotechnology company developing life-improving medicines to treat degenerative muscle diseases, announced that it has completed its previously-announced underwritten public offering (the “Offering”) of 5,168,019 common shares, which includes the exercise of the underwriters’ option to purchase an additional 712,574 common shares and, in lieu of common shares for certain investors, pre-funded warrants to purchase 495,049 common shares. The common shares were sold at a price of US$10.10 per share (C$13.81 per common share) and the pre-funded warrants were sold at a price of US$10.09999 per pre-funded warrant (C$13.80999 per pre-funded warrant), which represents the per share price for the common shares less the C$0.00001 per share exercise price for each pre-funded warrant. The total gross proceeds to the Company were approximately US$57.2 million, before deducting the underwriting discounts and commissions.

The Company intends to use the net proceeds of the Offering primarily to fund ongoing research and development activities, working capital and general corporate purposes, which may include advancing the development of SAT-3247 through the various stages of clinical trials (Phase 2 to Phase 3) or clinical trials of SAT-3247 in other indications, and investment in other discovery stage or pre-clinical development programs (including evaluation of additional dystrophies). Satellos’ common shares are dual-listed on the Nasdaq Global Market (“Nasdaq”) under the trading symbol “MSLE” and on the Toronto Stock Exchange (“TSX”) under the trading symbol “MSCL”.

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