Bright Minds prices shares of offering at $90 each

Executive Summary

• Bright Minds Biosciences Inc. has priced an upsized public offering of 1,945,000 common shares at $90 per share, generating anticipated gross proceeds of $175.05 million.
• The company has terminated its existing At-the-Market (ATM) equity distribution agreement with Piper Sandler & Co. and Cantor Fitzgerald & Co. to facilitate this offering.
• Net proceeds will be primarily used to finance future clinical trials for drug candidates targeting absence seizures, Developmental and Epileptic Encephalopathy (DEE), and Prader-Willi syndrome, as well as Phase 1 trials for BMB-105 and general corporate purposes.

Key Details

• Offering Size and Price: 1,945,000 common shares priced at $90.00 per share.
• Gross Proceeds: $175.05 million.
• Over-Allotment Option: Underwriters granted a 30-day option to purchase up to an additional 291,750 common shares at the public offering price, less underwriting discounts and commissions.
• Closing Date: Expected on January 9, 2026, subject to customary closing conditions.
• Use of Proceeds:
  • Finance future clinical trials for drug candidates for absence seizures, DEE, and Prader-Willi syndrome.
  • Initiation of Phase 1 clinical drug trials for BMB-105.
  • Additional research and development on earlier-phase programs.
  • General corporate and working capital purposes.
• Underwriters: Jefferies, TD Cowen, Piper Sandler & Co., and Cantor Fitzgerald & Co. are acting as joint book-running managers.
• Regulatory Filing: The offering is made via a prospectus and prospectus supplement forming part of a shelf registration statement on Form F-3, declared effective by the SEC on September 2, 2025.
• ATM Program Termination: The equity distribution agreement dated August 25, 2025, allowing for up to $100 million in aggregate gross sales through agents, has been terminated effective immediately upon pricing.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.