Benitec Biopharma Inc. Announces Pricing of $18 Million Underwritten Public Offering
September 12 2022 - 10:06PM
Benitec Biopharma Inc. (Nasdaq: BNTC) (“Benitec” or “the Company”),
a development-stage, gene therapy-focused, biotechnology company
developing novel genetic medicines based on its proprietary
DNA-directed RNA interference ("ddRNAi") platform, today announced
the pricing of its underwritten public offering of 29,809,471
shares of its common stock (or pre-funded warrants to purchase
common stock in lieu thereof) and accompanying warrants to purchase
up to 29,809,471 shares of common stock. Each share of common stock
(or pre-funded warrant in lieu thereof) is being sold together with
one common warrant to purchase one share of common stock at a
combined offering price of $0.60. The warrants will be exercisable
commencing on the effective date of an increase in our authorized
shares of common stock at an exercise price of $0.66 per share of
common stock and will expire on the fifth anniversary of such
initial exercise date. The offering is expected to close on
September 15, 2022, subject to customary closing
conditions.
The aggregate gross proceeds to Benitec from the
public offering are expected to be approximately $17.9 million
prior to deducting underwriting discounts, commissions and other
estimated offering expenses. The Company intends to use the net
proceeds from this financing for the clinical development of
BB-301, including the natural history lead-in study and the Phase
1b/2a BB-301 treatment study, for the continued advancement of
development activities for other existing and new product
candidates, for general corporate purposes and for strategic growth
opportunities.
JMP Securities, A Citizens Company, is acting as
sole book-running manager for the offering.
The Securities and Exchange Commission (“SEC”)
declared effective registration statements on Form S-1 relating to
these securities (other than the shares of common stock issuable
upon exercise of the common warrants) on September 12, 2022. A
final prospectus relating to this offering will be filed with the
SEC. The offering is being made only by means of a prospectus.
Copies of the prospectus relating to the offering may be obtained,
when available, from JMP Securities LLC, 600 Montgomery Street,
10th Floor, San Francisco, CA 94111, Attention: Prospectus
Department, or by calling (415) 835-8985, or by email at
syndicate@jmpsecurities.com. Investors may also obtain these
documents at no cost by visiting the SEC’s website at
http://www.sec.gov.
Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more complete information about the Company and
the offering.
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
registration or qualification under the securities laws of any such
state or jurisdiction.
About Benitec Biopharma Inc.
Benitec Biopharma Inc. (“Benitec” or the
“Company”) is a development-stage biotechnology company focused on
the advancement of novel genetic medicines with headquarters in
Hayward, California. The proprietary platform, called DNA-directed
RNA interference, or ddRNAi, combines RNA interference, or RNAi,
with gene therapy to create medicines that facilitate sustained
silencing of disease-causing genes following a single
administration. The Company is developing ddRNAi-based therapeutics
for chronic and life-threatening human conditions including
Oculopharyngeal Muscular Dystrophy (OPMD). A comprehensive overview
of the Company can be found on Benitec’s website at
www.benitec.com.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including with respect to the proposed
offering. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the proceeds of the offering will be used as indicated. Factors
that could cause actual results to differ materially include, but
are not limited to, the risk factors described in Benitec’s filings
with the SEC. Benitec’s filings can be obtained free of charge on
the SEC’s website at www.sec.gov. Except to the extent required by
law, Benitec expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Benitec’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Investor Relations Contacts:
William WindhamVP, Solebury Strategic CommunicationsPhone:
646-378-2946Email: wwindham@soleburystrat.com
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