Dicerna Announces Pricing of Follow-On Public Offering of Common Stock
December 14 2017 - 9:29AM
Business Wire
Dicerna Pharmaceuticals, Inc. (NASDAQ:DRNA) (“Dicerna”), a
leading developer of investigational ribonucleic acid interference
(RNAi) therapeutics, announced today the pricing of its
underwritten registered public offering of 5,714,286 shares of its
common stock at a price to the public of $7.00 per share. Dicerna
also granted the underwriters a 30-day option to purchase up to
857,143 additional shares of common stock. Closing of the offering
is expected to occur on or about December 18, 2017, subject to
customary closing conditions. All of the shares sold in the
offering are being sold by Dicerna. The gross proceeds to Dicerna
from this offering are expected to be $40 million, before deducting
underwriting discounts and commissions and offering expenses
payable by Dicerna.
Dicerna intends to use the net proceeds from the offering for
preclinical studies and clinical trials, with the remainder of any
net proceeds from sales of securities being used for continued
technology platform development, working capital and general
corporate purposes.
Stifel and Evercore ISI are acting as the joint book-running
managers for the offering. H.C. Wainwright & Co. and SunTrust
Robinson Humphrey are acting as the co-lead managers for the
offering.
A shelf registration statement on Form S-3 relating to the sale
of these securities has been filed with the Securities and Exchange
Commission (the “SEC”) and is effective. A preliminary prospectus
supplement related to the offering has been filed with the SEC and
is available on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus
supplement relating to these securities, when available, may be
obtained free of charge on the SEC website at www.sec.gov or by
sending a request to: Stifel at Attention: Syndicate, One
Montgomery Street, Suite 3700, San Francisco, CA 94104, or by
telephone at (415) 364-2720, or by email at
syndprospectus@stifel.com or Evercore ISI at Attention: Equity
Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY
10055, or by telephone at (888) 474-0200, or by email at
ecm.prospectus@evercore.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Dicerna, 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 registration or qualification under the
securities laws of any such state or jurisdiction.
About Dicerna Pharmaceuticals, Inc.
Dicerna Pharmaceuticals, Inc. is a biopharmaceutical company
focused on the discovery and development of innovative,
subcutaneously delivered RNAi-based therapeutics for diseases
involving the liver, including rare diseases, chronic liver
diseases, cardiovascular diseases, and viral infectious diseases.
Dicerna is leveraging its proprietary GalXC™ RNAi technology
platform to build a broad pipeline in these core therapeutic areas,
focusing on target genes where connections between target gene and
diseases are well understood and documented. Dicerna intends to
discover, develop and commercialize novel therapeutics either on
its own or in collaboration with pharmaceutical partners.
About GalXCTM RNAi Technology Platform
GalXCTM is a proprietary technology platform invented by
Dicerna to discover and develop next-generation RNAi-based
therapies designed to silence disease-driving genes in the liver.
Compounds produced via GalXC are intended to be broadly applicable
across multiple therapeutic areas, including rare diseases, chronic
liver diseases, cardiovascular disease and viral infectious
diseases. Using GalXC, Dicerna scientists attach
N-acetylgalactosamine sugars directly to the extended region of our
proprietary Dicer substrate short-interfering RNA molecules,
yielding multiple proprietary conjugate delivery configurations.
Many of the conjugates produced via GalXC incorporate a folded
motif known as a tetraloop in the extended region. The tetraloop
configuration, which is unique to Dicerna’s GalXC compounds, allows
flexible and efficient conjugation to the targeting ligands, and
stabilizes the RNAi duplex which the company believes will enable
subcutaneous delivery of its RNAi therapies to hepatocytes in the
liver, where they are designed to specifically bind to receptors on
target cells, potentially leading to internalization and access to
the RNAi machinery within the cells. The technology may offer
several distinct benefits, as suggested by strong preclinical data.
These benefits include: potency that is on par with or better than
comparable platforms; highly specific binding to gene targets; long
duration of action; and an infrequent subcutaneous dosing
regimen.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied in such statements. Examples of
forward-looking statements in this release include whether or when
the offering may be completed and the anticipated use of proceeds
from the offering. Applicable risks and uncertainties include those
relating to the offering and other risks identified under the
heading “Risk Factors” included in our most recent Form 10-Q filing
and in other future filings with the SEC including any prospectus
related to the offering. The forward-looking statements contained
in this press release reflect Dicerna’s current views with respect
to future events, and Dicerna does not undertake and specifically
disclaims any obligation to update any forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20171214005797/en/
DicernaInvestors:Rx Communications GroupPaula
Schwartz, 917-322-2216pschwartz@rxir.comorMedia:SmithSolveAlex
Van Rees, 973-442-1555 ext. 111alex.vanrees@smithsolve.com
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