BOSTON, March 19, 2019 (GLOBE NEWSWIRE) -- resTORbio, Inc. (“resTORbio” or the “Company”) (Nasdaq:TORC), a
clinical-stage biopharmaceutical company developing innovative medicines that target the biology of aging to prevent or treat
age-related diseases, today announced the pricing of an underwritten public offering of 7,200,000 shares of its common stock at a
public offering price of $6.95 per share. resTORbio also granted the underwriters a 30-day option to purchase up to an additional
1,080,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from
the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $50.0
million, excluding any exercise of the underwriters' option to purchase additional shares. All of the shares in the offering were
sold by resTORbio. The offering is expected to close on or about March 22, 2019, subject to customary closing conditions.
BofA Merrill Lynch, SVB Leerink and Guggenheim Securities are acting as joint book-running managers for the offering. Wedbush
PacGrow is acting as co-manager for the proposed offering.
The shares are being offered by resTORbio pursuant to a shelf registration statement that was previously filed with, and
subsequently declared effective by, the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement relating
to and describing the terms of the offering was filed with the SEC on March 18, 2019. The final prospectus supplement relating to
the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to these securities may be obtained, when available, from:
- BofA Merrill Lynch, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC
28255-0001 (email: dg.prospectus_requests@baml.com); or
- SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800)
808-7525, ext. 6132, or by emailing syndicate@svbleerink.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such state or jurisdiction.
About resTORbio
resTORbio, Inc. is a clinical stage biopharmaceutical company developing innovative medicines that target the biology of aging
to prevent or treat age-related diseases. resTORbio’s lead program selectively inhibits TORC1, an evolutionarily conserved pathway
that contributes to the decline in function of multiple organ systems, including the immune, cardiovascular and central nervous
systems.
Forward-Looking Statements
This press release contains "forward-looking statements" of resTORbio within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. These forward-looking statements include, but are not limited to, those relating to resTORbio’s
expectations regarding the anticipated closing of the public offering. Any forward-looking statements in this press release are
based on management’s current expectations and beliefs of future events, and are subject to a number of risks and uncertainties
that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking
statements. These risks and uncertainties related to completion of the public offering on the anticipated terms, or at all,
include, but are not limited to, market conditions and the satisfaction of customary closing conditions related to the public
offering. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause
resTORbio’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk
Factors” in resTORbio’s most recent annual report on Form 10-K filed on March 18, 2019 and any subsequent quarterly report on Form
10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in resTORbio’s
other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement
related to the public offering filed with the SEC. All information in this press release is as of the date of the release,
and resTORbio undertakes no duty to update this information unless required by law.
Investor Contact
Jennifer Robinson
resTORbio, Inc.
857-772-7029
jrobinson@restorbio.com
Media Contact
Amir Khan
Biosector 2
212-462-8767
Amir.Khan@Syneoshealth.com
