Frequency Therapeutics Announces Pricing of Initial Public Offering

WOBURN, Mass.–(BUSINESS WIRE)–Frequency Therapeutics, Inc. (Nasdaq: FREQ), a clinical-stage biotechnology company focused on harnessing the body’s innate biology to repair or reverse damage caused by a broad range of degenerative diseases, today announced the pricing of its initial public offering of 6,000,000 shares of common stock at a public offering price of $14.00 per share, for total gross proceeds of approximately $84.0 million, before deducting underwriting discounts and commissions. All of the common stock is being offered by Frequency. In addition, Frequency has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of its common stock at the initial public offering price less the underwriting discounts and commissions. Frequency’s common stock is expected to begin trading on the Nasdaq Global Select Market on October 3, 2019 under the ticker symbol “FREQ.” The offering is expected to close on October 7, 2019, subject to customary closing conditions.

J.P. Morgan, Goldman Sachs & Co. LLC and Cowen are acting as joint book-running managers for the offering.

A registration statement relating to the securities being sold in the offering has been declared effective by the Securities and Exchange Commission. This offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained, when available, by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone: 1-866-803-9204, or via email at prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, via telephone: (833) 297-2926, or via email: PostSaleManualRequests@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 the registration or qualification under the securities laws of such state or jurisdiction.

About Frequency Therapeutics

Headquartered in Woburn, Mass., Frequency Therapeutics is a clinical-stage biotechnology company focused on harnessing the body’s innate biology to repair or reverse damage caused by a broad range of degenerative diseases. Frequency’s progenitor cell activation (PCA) approach stimulates progenitor cells to create functional tissue with the aim of developing disease modifying therapeutics. The company’s lead product candidate, FX-322, is in clinical development and is designed to regenerate auditory hair cells to restore hearing function in patients with sensorineural hearing loss, the most common form of hearing loss. The company is also evaluating its PCA approach in additional diseases, including multiple sclerosis.