Abeona Therapeutics Announces Pricing of $75 Million Underwritten Offering of Common Stock and Pre-Funded Warrants
May 03 2024 - 7:30AM
Abeona Therapeutics Inc. (Nasdaq: ABEO) (“Abeona” or the “Company”)
today announced the pricing of an underwritten offering of
12,285,056 shares of its common stock and, in lieu of common stock,
pre-funded warrants to purchase 6,142,656 shares of its common
stock, at an offering price of $4.07 per share, which is equal to
the closing price on Thursday, May 2, 2024, or $4.0699 per
pre-funded warrant, which represents the per share offering price
for the common stock less the $0.0001 per share exercise price for
each pre-funded warrant. The pre-funded warrants will be
immediately exercisable at a nominal exercise price of $0.0001 per
share and may be exercised at any time until the pre-funded
warrants are exercised in full. The closing of the offering is
expected to occur on or about May 7, 2024, subject to the
satisfaction of customary closing conditions.
The offering included participation from both
new and existing investors, including Adage Capital Partners, L.P.,
Janus Henderson Investors, Nantahala Capital, Suvretta Capital,
Vivo Capital, and other healthcare-dedicated investors.
Stifel is acting as the sole bookrunner for the
offering.
The gross proceeds to Abeona from this offering
are expected to be approximately $75 million, before deducting
underwriting discounts and commissions and other offering expenses.
Abeona intends to use the net proceeds from the offering primarily
to fund preparations for resubmission of its BLA and for
commercialization of its product candidate pz-cel, as well as for
working capital and general corporate purposes.
The securities described above are being offered
pursuant to a shelf registration statement on Form S-3 (File No.
333-256850) that was filed with the Securities and Exchange
Commission (the “SEC”) on June 7, 2021 and amended on August 27,
2021 and October 19, 2021, and was declared effective by the SEC on
October 22, 2021. When available, the prospectus supplement and the
accompanying prospectus that form a part of the registration
statement will be filed with the SEC and 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 Stifel, Nicolaus & Company, Incorporated, Attention:
Prospectus Department, One Montgomery Street, Suite 3700, San
Francisco, CA 94104, by telephone at (415) 364-2720 or by email at
syndprospectus@stifel.com.
The securities described above have not been
qualified under any state blue sky laws. This press release does
not constitute an offer to sell or the solicitation of offers to
buy any securities of Abeona being offered, and shall not
constitute an offer, solicitation or sale of any security 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 Abeona TherapeuticsAbeona
Therapeutics Inc. is a clinical-stage biopharmaceutical company
developing cell and gene therapies for serious diseases.
Prademagene zamikeracel (pz-cel) is Abeona’s investigational
autologous, COL7A1 gene-corrected epidermal sheets
currently in development for recessive dystrophic epidermolysis
bullosa. The Company’s fully integrated cell and gene therapy cGMP
manufacturing facility served as the manufacturing site for pz-cel
used in its Phase 3 VIITAL™ trial, and is capable of supporting
commercial production of pz-cel if FDA approval is obtained. The
Company’s development portfolio also features AAV-based gene
therapies for ophthalmic diseases with high unmet medical need.
Abeona’s novel, next-generation AAV capsids are being evaluated to
improve tropism profiles for a variety of devastating diseases.
Forward-Looking Statements This
press release contains certain statements that are forward-looking
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and that involve risks and uncertainties. We have
attempted to identify forward-looking statements by such
terminology as “may,” “will,” “believe,” “anticipate,” “expect,”
“intend,” “potential,” and similar words and expressions (as well
as other words or expressions referencing future events, conditions
or circumstances), which constitute and are intended to identify
forward-looking statements. Actual results may differ materially
from those indicated by such forward-looking statements as a result
of various important factors, numerous risks and uncertainties,
including, but not limited to, the satisfaction of customary
closing conditions related to the offering; the timing and outcome
of the Company’s Biologics License Application submission to the
FDA for pz-cel, including as related to the Complete Response
Letter received from the FDA; potential market opportunities and
commercial launch strategies for pz-cel, if approved; the FDA’s
grant of a Priority Review Voucher; continued interest in the
Company’s rare disease portfolio; the timing of studies or study
manuscript submissions; the Company’s ability to enroll patients in
clinical trials; the outcome of future meetings with the FDA or
other regulatory agencies, including those relating to preclinical
programs; the ability to achieve or obtain necessary regulatory
approvals; the impact of any changes in the financial markets and
global economic conditions; risks relating to the recent decline in
market price of the Company’s common stock in response to the
Complete Response Letter; risks associated with data analysis and
reporting; and other risks disclosed in the Company’s most recent
Annual Report on Form 10-K and subsequent periodic reports filed
with the Securities and Exchange Commission. The Company undertakes
no obligation to revise the forward-looking statements or to update
them to reflect events or circumstances occurring after the date of
this press release, whether as a result of new information, future
developments or otherwise, except as required by the federal
securities laws.
Investor and Media Contact:Greg
GinVP, Investor Relations and Corporate CommunicationsAbeona
Therapeuticsir@abeonatherapeutics.com
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