Bright Minds Biosciences Announces Launch Of $100M Public Offering

-- Bright Minds Biosciences Inc. (CSE:DRUG) (NASDAQ:DRUG) ("Bright Minds" or the "Company") announces the launch of a public offering of common shares in the capital of the Company (the "Common Shares") and, in lieu of Common Shares to investors that so choose, pre-funded warrants (the "Pre-Funded Warrants") to purchase Common Shares, for aggregate gross proceeds of US$100 million (the "Offering"). In connection with the Offering, the Company intends to grant to the underwriters, a 30-day option to purchase up to an additional 15% of the Common Shares issued in the Offering.

The Company intends to use the net proceeds from the Offering to fund future clinical trials for the Company's drug candidates, including for absence seizures, DEE, and Prader-Willi Syndrome, as well as initiation of phase 1 clinical drug trials for BMB-105, and additional research and development work on earlier phase programs, as well as for general corporate and working capital purposes.

Jefferies, TD Cowen, Piper Sandler & Co., and Cantor are acting as joint book-running managers for the Offering.