Exhibit 99.8
Spero Therapeutics Announces Commencement of Rights Offering
CAMBRIDGE, Mass., February 11, 2020 (GLOBE NEWSWIRE) — Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset clinical-stage biopharmaceutical company focused on identifying, developing and commercializing treatments in high unmet need areas involving multi-drug resistant bacterial infections and rare diseases, today commenced its previously announced rights offering to raise gross proceeds of $30.0 million (the “Rights Offering”). Under the terms of the Rights Offering, holders of record of Spero’s common stock (“Common Stock”), Series A convertible preferred stock (“Series A Preferred”) and Series B convertible preferred stock (“Series B Preferred”) as of 5:00 p.m., New York time, on February 10, 2020 (the “Record Date”) will receive non-transferable subscription rights entitling them to purchase up to an aggregate of 3,333,333 shares of Common Stock at a subscription price equal to $9.00 per share in proportion to their respective pro rata ownership of Common Stock outstanding (assuming the conversion of all outstanding Series A Preferred and Series B Preferred into shares of Common Stock), or, under certain circumstances, shares of non-voting Series C convertible preferred stock (“Series C Preferred”) in lieu of Common Stock (collectively, the “Offered Shares”), as more fully described in the prospectus supplement, dated February 11, 2020, relating to the Rights Offering. The subscription rights may be exercised any time during the subscription period of February 11, 2020 through 5:00 p.m., New York time, on March 2, 2020.
The Rights Offering will be fully backstopped by certain affiliates of BVF Partners L.P. (“BVF”), which have agreed to purchase, at a minimum, their respective as-converted pro rata share of the Offered Shares, plus an additional amount of Common Stock or Series C Preferred that are not subscribed for by other purchasers in the Rights Offering, for a total of up to $30.0 million. Spero expects to use the proceeds from the Rights Offering to fund the advancement of tebipenem HBr, and the initiation of a Phase 2a clinical trial of SPR720 and the remainder for working capital and other general corporate purposes.
Spero reserves the right to extend or cancel the Rights Offering at any time prior to the closing of the sale of the Offered Shares in the Rights Offering. Spero has engaged Alliance Advisors LLC to act as information agent with respect to the Rights Offering. For questions regarding the Rights Offering, or to obtain copies of the Rights Offering prospectus supplement and any related materials, please contact Alliance Advisors LLC at reorg@allianceadvisorsllc.com or by telephone at 800-574-6215.
Spero has filed a shelf registration statement (including a prospectus supplement) with the Securities and Exchange Commission (the “SEC”) (File No. 228661). Before you invest, you should read the prospectus supplement and other documents Spero has filed with the SEC for more complete information about Spero and the Rights Offering. This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
