Seres Therapeutics, Inc. Announces Closing of Public Offerings of 12,075,000 Shares of Common Stock
August 17 2020 - 4:15PM
Business Wire
Seres Therapeutics, Inc. (Nasdaq: MCRB) (“Seres”), a leading
microbiome therapeutics platform company developing a novel class
of multifunctional bacterial consortia that are designed to
functionally interact with host cells and tissues to treat disease,
today announced the closing of an underwritten public offering of
12,075,000 shares of its common stock, at a public offering price
of $21.50 per share, before underwriting discounts and commissions,
and including the exercise in full of the underwriters’ option to
purchase an additional 1,575,000 shares of common stock. The net
proceeds from the offering, together with the net proceeds from a
substantially concurrent registered direct offering of 959,002
shares of common stock to Société des Produits Nestlé S.A., after
deducting underwriting discounts and commissions and estimated
offering expenses, are expected to be approximately $263.7 million.
All of the shares in the offerings were sold by Seres.
Cowen and Company, LLC and Piper Sandler & Co. acted as
joint book-running managers for the underwritten offering.
Canaccord Genuity LLC and Oppenheimer & Co. Inc. acted as
co-managers.
Seres intends to use the net proceeds from the offerings, in
addition to its existing cash resources, to advance the clinical
development of its product candidates, for commercialization and
manufacturing activities and for other general corporate and
working capital purposes.
The common stock sold in the public offering was offered by
Seres pursuant to a shelf registration statement on Form S-3 (File
No. 333-244401), including a prospectus, which was automatically
effective upon filing on August 11, 2020. A preliminary prospectus
supplement to the prospectus describing the terms of the offering
was filed with the SEC on August 11, 2020, and a final prospectus
supplement was filed with the SEC on August 14, 2020. The offering
was made only by means of a written prospectus and prospectus
supplement that formed a part of the effective registration
statement. Copies of the preliminary prospectus supplement and
accompanying prospectus relating to the offering may be obtained by
contacting: Cowen and Company, LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, by
telephone at (833) 297-2926, or by email at
postsalemanualrequests@broadridge.com or Piper Sandler & Co.,
800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at
(800) 747-3924, or by email at prospectus@psc.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.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding the
anticipated net proceeds of the registered offering to Société des
Produits Nestlé S.A. (“Nestlé”) and the proposed offering and the
use of such proceeds. All such forward-looking statements are based
on management’s current expectations of future events and are
subject to a number of risks and uncertainties that could cause
actual results to differ materially and adversely from those set
forth in or implied by such forward-looking statements. These risks
and uncertainties relate to market fluctuations in Seres’ common
stock price and changes in market conditions, as well as the other
factors discussed in the “Risk Factors” section in the prospectus
supplement and registration statement referenced above, in the
“Risk Factors” section in Seres’ Quarterly Report on Form 10-Q
filed with the SEC on July 28, 2020, and in other reports that
Seres files with the SEC. All information in this press release is
as of the date of this release, and Seres undertakes no duty to
update this information, even if subsequent events cause its views
to change, unless required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200817005495/en/
PR Lisa Raffensperger lisa@tenbridgecommunications.com
IR Carlo Tanzi, Ph.D. ctanzi@serestherapeutics.com
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