Precision BioSciences Announces $50 Million Offering of Common Stock
June 21 2022 - 5:25PM
Business Wire
Precision BioSciences, Inc. (Nasdaq: DTIL), a clinical stage
gene editing company developing ARCUS-based ex vivo allogeneic CAR
T and in vivo gene editing therapies, today announced that it has
agreed to sell 35,971,224 shares of its common stock at a price of
$1.39 per share, by way of an underwritten offering, for gross
proceeds of approximately $50.0 million. The offering is expected
to close on or about June 24, 2022, subject to customary closing
conditions. All shares of common stock to be sold in the offering
will be sold by Precision BioSciences. Precision BioSciences
intends to use the net proceeds of the offering to help fund
ongoing and planned research and development, and for working
capital and general corporate purposes.
Jefferies is acting as sole book-running manager for the
offering.
The securities described above were offered by means of a
prospectus supplement dated June 21, 2022, and accompanying
prospectus dated June 11, 2020, forming part of the Company’s
effective shelf registration statement (File No. 333-238857). The
prospectus supplement and accompanying prospectus relating to this
offering will be filed with the U.S. Securities and Exchange
Commission (the “SEC”) and will be available on the SEC’s website
at www.sec.gov. Copies of the prospectus supplement and the
accompanying prospectus may also be obtained, when available, by
contacting: Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, New York
10022, via telephone: 877-821-7388 or via email:
Prospectus_Department@Jefferies.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 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 Precision BioSciences, Inc.
Precision BioSciences, Inc. is a clinical stage biotechnology
company dedicated to improving life (DTIL) with its novel and
proprietary ARCUS genome editing platform. ARCUS is a highly
precise and versatile genome editing platform that was designed
with therapeutic safety, delivery, and control in mind. Using
ARCUS, the Company’s pipeline consists of multiple ex vivo
“off-the-shelf” CAR T immunotherapy clinical candidates and several
in vivo gene editing candidates designed to cure genetic and
infectious diseases where no adequate treatments exist.
Forward-Looking Statements
This press release contains forward-looking statements, as may
any related presentations, within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements contained
in this herein and in any related presentation that do not relate
to matters of historical fact should be considered forward-looking
statements, including, without limitation, statements regarding the
completion and use of proceeds of the offering. In some cases, you
can identify forward-looking statements by terms such as “aim,”
“anticipate,” “approach,” “believe,” “contemplate,” “could,”
“estimate,” “expect,” “goal,” “intend,” “look,” “may,” “mission,”
“plan,” “potential,” “predict,” “project,” “should,” “target,”
“will,” “would,” or the negative thereof and similar words and
expressions. Forward-looking statements are based on management’s
current expectations, beliefs and assumptions and on information
currently available to us. Such statements are subject to a number
of known and unknown risks, uncertainties and assumptions, and
actual results may differ materially from those expressed or
implied in the forward-looking statements due to various important
factors, including, but not limited to: our ability to become
profitable; our ability to procure sufficient funding and
requirements under our current debt instruments and effects of
restrictions thereunder; risks associated with raising additional
capital; our operating expenses and our ability to predict what
those expenses will be; our limited operating history; the success
of our programs and product candidates in which we expend our
resources; our limited ability or inability to assess the safety
and efficacy of our product candidates; our dependence on our ARCUS
technology; the initiation, cost, timing, progress, achievement of
milestones and results of research and development activities,
preclinical studies and clinical trials; public perception about
genome editing technology and its applications; competition in the
genome editing, biopharmaceutical, and biotechnology fields; our or
our collaborators’ ability to identify, develop and commercialize
product candidates; pending and potential liability lawsuits and
penalties against us or our collaborators related to our technology
and our product candidates; the U.S. and foreign regulatory
landscape applicable to our and our collaborators’ development of
product candidates; our or our collaborators’ ability to obtain and
maintain regulatory approval of our product candidates, and any
related restrictions, limitations and/or warnings in the label of
an approved product candidate; our or our collaborators’ ability to
advance product candidates into, and successfully design, implement
and complete, clinical or field trials; potential manufacturing
problems associated with the development or commercialization of
any of our product candidates; our ability to obtain an adequate
supply of T cells from qualified donors; our ability to achieve our
anticipated operating efficiencies at our manufacturing facility;
delays or difficulties in our and our collaborators’ ability to
enroll patients; changes in interim “top-line” and initial data
that we announce or publish; if our product candidates do not work
as intended or cause undesirable side effects; risks associated
with applicable healthcare, data protection, privacy and security
regulations and our compliance therewith; the rate and degree of
market acceptance of any of our product candidates; the success of
our existing collaboration agreements, and our ability to enter
into new collaboration arrangements; our current and future
relationships with and reliance on third parties including
suppliers and manufacturers; our ability to obtain and maintain
intellectual property protection for our technology and any of our
product candidates; potential litigation relating to infringement
or misappropriation of intellectual property rights; our ability to
effectively manage the growth of our operations; our ability to
attract, retain, and motivate key executives and personnel; market
and economic conditions; effects of system failures and security
breaches; effects of natural and manmade disasters, public health
emergencies and other natural catastrophic events; effects of
COVID-19 pandemic and variants thereof, or any pandemic, epidemic
or outbreak of an infectious disease; insurance expenses and
exposure to uninsured liabilities; effects of tax rules; risks
related to ownership of our common stock and other important
factors discussed under the caption “Risk Factors” in our Annual
Report on Form 10-K for the yearly period ended December 31, 2021
and our Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2022, as any such factors may be updated from time
to time in our other filings with the SEC, which are accessible on
the SEC’s website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20220621006078/en/
Investor Contact: Alex Kelly Chief Financial Officer
Alex.Kelly@precisionbiosciences.com
Media Contact: Maurissa Messier Senior Director,
Corporate Communications Maurissa.Messier@precisionbiosciences.com
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