GlobeNewswire Inc | Jul 13, 2020 10:18AM EDT

July 13, 2020

SAN FRANCISCO, July 13, 2020 (GLOBE NEWSWIRE) -- 89bio, Inc. (Nasdaq:ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases, announced the closing of its upsized underwritten public offering of 3,047,040 shares of common stock, which includes the exercise in full by the underwriters of their option to purchase up to 397,440 additional shares of common stock, at a public offering price of $27.50 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by 89bio, were approximately $83.8 million. All of the shares were offered by 89bio.

BofA Securities, SVB Leerink and RBC Capital Markets acted as joint book-running managers for the offering. Oppenheimer & Co. acted as co-manager for the offering.

The registration statements relating to these securities became effective onJuly 7, 2020. The offering was made solely by means of a prospectus. Copies of the prospectus related to the offering may be obtained from BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, or by email at dg.prospectus_requests@bofa.com; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, or by telephone at (800) 808-7525, ext. 6218, or by email at syndicate@svbleerink.com; or RBC Capital Markets LLC, Attention: Equity Syndicate Department, 200 Vesey Street, 8th Floor, New York, New York 10281, or by telephone at (877) 822-4089, or by email at equityprospectus@rbccm.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 89bio

89bio is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardio-metabolic diseases. The companys lead product candidate, BIO89-100, is being developed for the treatment of NASH and for the treatment of SHTG. BIO89-100 is a specifically engineered glycoPEGylated analog of FGF21 that is currently in a proof of concept Phase 1b/2a clinical trial in patients with NASH or NAFLD and a high risk of NASH. 89bio is headquartered in San Francisco with operations in Herzliya, Israel.

Investor Contact: Ryan Martins Chief Financial Officer investors@89bio.com

Media Contact: Lori Rosen LDR Communications 917-553-6808 lori@ldrcommunications.com