Gritstone bio Announces Private Placement of $45.0 Million
October 25 2022 - 7:01AM
Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology
company that aims to develop the world’s most potent vaccines,
today announced that it has executed a securities purchase
agreement to sell, through a private investment in public equity
(PIPE) financing, 6,637,165 shares of its common stock at a price
of $2.26 per share of common stock and 13,274,923 pre-funded
warrants to purchase up to 13,274,923 shares of common stock at a
price of $2.2599 per pre-funded warrant for aggregate gross
proceeds of approximately $45.0 million, before deducting placement
agent fees and offering expenses. Each pre-funded warrant will have
an exercise price of $0.0001 per share, will be exercisable
immediately, and will be exercisable until exercised in full. The
transaction is expected to close on October 27, 2022, subject to
customary closing conditions. Gritstone intends to use the net
proceeds from the PIPE financing to fund the ongoing clinical
development of oncology and infectious disease programs and for
general corporate purposes.
The financing is being led by Redmile Group, with participation
from new and existing investors, including Gilead Sciences, Invus,
Hercules Capital, Inc. (NYSE: HTGC), and two new large
institutional investors.
The securities sold in this private placement have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the U.S. except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements. Gritstone has agreed to file a
registration statement with the Securities and Exchange Commission
registering the resale of the shares of common stock and shares of
common stock issuable upon the exercise of the pre-funded
warrants issued in this private placement.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Gritstone bioGritstone bio, Inc. (Nasdaq:
GRTS) is a clinical-stage biotechnology company that aims to create
the world’s most potent vaccines. We leverage our innovative
vectors and payloads to train multiple arms of the immune system to
attack critical disease targets. Independently and with our
collaborators, we are advancing a portfolio of product candidates
to treat and prevent viral diseases and solid tumors in pursuit of
improving patient outcomes and eliminating disease.
www.gritstonebio.com
Gritstone Forward-Looking StatementsThis press
release contains forward-looking statements, including, but not
limited to, statements related to the timing and expectation of the
closing of the PIPE financing and Gritstone's intended use of
proceeds from the PIPE financing. Such forward-looking statements
involve substantial risks and uncertainties that could cause
Gritstone’s research and clinical development programs, future
results, performance or achievements to differ significantly from
those expressed or implied by the forward-looking statements. Such
risks and uncertainties include, among others, the uncertainties
inherent in the drug development process, including Gritstone’s
programs’ clinical stage of development, the process of designing
and conducting preclinical and clinical trials, the regulatory
approval processes, the timing of regulatory filings, the
challenges associated with manufacturing drug products, Gritstone’s
ability to successfully establish, protect and defend its
intellectual property and other matters that could affect the
sufficiency of existing cash to fund operations. Gritstone
undertakes no obligation to update or revise any forward-looking
statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of the company in general, see Gritstone’s
most recent Annual Report on Form 10-K filed on March 10, 2022, as
well as Gritstone’s Quarterly Reports on Form 10-Q filed on May 5,
2022 and August 4, 2022 and any current and periodic reports filed
with the Securities and Exchange Commission. The forward-looking
statements in this press release are based on information available
to Gritstone as of the date hereof. Gritstone disclaims any
obligation to update any forward-looking statements, except as
required by law.
Gritstone ContactsInvestors:George E.
MacDougallDirector, Investor Relations & Corporate
CommunicationsGritstone bioir@gritstone.com
Media:Dan Budwick1AB(973) 271-6085dan@1abmedia.com
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