Editas Medicine, Inc. Announces Pricing of $90 Million Offering of Common Stock
March 16 2017 - 9:05PM
Editas Medicine, Inc. (NASDAQ:EDIT), a leading genome editing
company, today announced the pricing of an underwritten offering of
4,000,000 shares of its common stock at a price to the public of
$22.50 per share. The gross proceeds to Editas Medicine from this
offering are expected to be approximately $90 million, before
deducting underwriting discounts and commissions and other
estimated offering expenses. Editas Medicine has granted the
underwriters a 30-day option to purchase up to an additional
600,000 shares of common stock on the same terms and conditions.
Editas Medicine intends to use the net proceeds of the offering
to fund preclinical studies and clinical trials for its LCA10
program and its other programs to treat genetic and infectious
diseases of the eye, preclinical studies of its programs to treat
non-malignant hematologic diseases, preclinical studies in its
collaboration with Juno Therapeutics, preclinical studies of other
research programs, continued expansion of its platform technology,
and for working capital and other general corporate purposes.
All of the shares in the offering are to be sold by Editas
Medicine. The offering is expected to close on March 22, 2017,
subject to customary closing conditions.
Morgan Stanley and J.P. Morgan are acting as joint book running
managers for the offering. Cowen and Company is acting as lead
manager, and JMP Securities is acting as co-manager.
The securities described above are being offered pursuant to a
shelf registration statement (File No. 333-216444), which was
declared effective by the Securities and Exchange Commission (SEC)
on March 15, 2017. The offering is being made only by means of a
prospectus supplement and the accompanying prospectus. A final
prospectus supplement relating to the offering will be filed with
the SEC and will be available at www.sec.gov. When available,
copies of the final prospectus supplement and the accompanying
prospectus may be obtained by contacting Morgan Stanley & Co.
LLC, Attention: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, New York 10014, or from J.P. Morgan Securities
LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717, Telephone: (866) 803-9204.
This press release does 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 registration or
qualification under the securities laws of any such state or
jurisdiction.
About Editas Medicine
Editas Medicine is a leading genome editing company dedicated to
treating patients with genetically-defined diseases by correcting
their disease-causing genes. The Company was founded by world
leaders in genome editing, and its mission is to translate the
promise of genome editing science into a broad class of
transformative genomic medicines to benefit the greatest number of
patients.
Forward-Looking Statements
This press release contains forward-looking statements and
information within the meaning of The Private Securities Litigation
Reform Act of 1995. The words “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “target,” “should,” “would,”
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in
these forward-looking statements as a result of various factors,
including: the uncertainties related to the satisfaction of
customary closing conditions related to the public offering and the
impact of general economic, industry or political conditions in the
United States or internationally; uncertainties inherent in the
initiation of preclinical studies and clinical trials and clinical
development of the Company’s product candidates; availability and
timing of results from preclinical studies and clinical trials;
whether interim results from a clinical trial will be predictive of
the final results of the trial or the results of future trials;
expectations for regulatory approvals to conduct trials or to
market products and availability of funding sufficient for the
Company’s foreseeable and unforeseeable operating expenses and
capital expenditure requirements. These and other risks are
described in greater detail under the caption “Risk Factors”
included in Editas’ Annual Report on Form 10-K for the year ended
December 31, 2016 filed with the SEC on March 3, 2017, the
Company’s preliminary prospectus supplement filed with the SEC on
March 15, 2017, and other filings the Company may make with the SEC
in the future. Any forward-looking statements contained in this
press release speak only as of the date hereof, and the Company
expressly disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contacts
Media:
Cristi Barnett
Editas Medicine, Inc.
(617) 401-0113
cristi.barnett@editasmed.com
Dan Budwick
Pure Communications, Inc.
(973) 271-6085
dan@purecommunicationsinc.com
Investors:
Mark Mullikin
(617) 401-9083
mark.mullikin@editasmed.com
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