FibroGen Enters ATM Equity Offering Sales Agreement with BofA Securities

FibroGen, Inc. (NASDAQ: FGEN) announced on February 24, 2025, that it has entered into an at-the-market (ATM) Equity Offering Sales Agreement with BofA Securities, Inc. Under the terms of the Sales Agreement, FibroGen may offer and sell its common stock, with aggregate sales proceeds of up to $30.0 million, from time to time through BofA acting as its sales agent.

According to the filing, common stock sales will be conducted by any method permitted under applicable law and will be deemed an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933. BofA is expected to use commercially reasonable efforts to sell the Company’s common stock based on instructions provided by FibroGen, which may include price, time, size limits, or other customary parameters. In return, the Company will pay BofA a commission of up to 3.0% of the gross sales proceeds from any shares sold under the agreement.

The Sales Agreement, which remains in effect until the earlier of either the complete sale of the $30.0 million allocation of common stock or the termination of the agreement pursuant to its terms, includes customary indemnification provisions in favor of BofA. It is important to note that FibroGen is not obligated to sell shares under the agreement.

The offering is being conducted under the Company’s effective shelf registration statement on Form S-3 (Registration Statement No. 333-280597), declared effective by the U.S. Securities and Exchange Commission on July 10, 2024. A prospectus supplement dated February 24, 2025, also accompanies the registration package.

In addition to the Sales Agreement, the Form 8-K filing includes an opinion from Cooley LLP regarding the shares to be sold under the agreement, as well as associated consent documentation.

The filing, made pursuant to the requirements of the Securities Exchange Act of 1934, provides detailed information regarding the structure of the engagement with BofA and sets forth the conditions under which future sales of FibroGen’s common stock may be executed under the ATM equity offering framework.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read FibroGen’s 8K filing here.

FibroGen Company Profile

FibroGen, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapeutics to treat serious unmet medical needs. Its lead product candidates are Pamrevlumab, a human monoclonal antibody targeting connective tissue growth factor that is in Phase III clinical development for the treatment of locally advanced pancreatic cancer; and Roxadustat, an oral small molecule inhibitor of hypoxia-inducible factor prolyl hydroxylase activity, which has completed Phase III clinical development for the treatment of anemia in chronic kidney disease in China, Europe, Japan, and other countries, as well as in Phase III clinical development for anemia related with myelodysplastic syndromes.