Benitec Biopharma Inc. Announces Closing of $18 Million Underwritten Public Offering
September 16 2022 - 8:42AM
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
it closed its previously announced 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) was 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 aggregate gross proceeds to Benitec from the
public offering were 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, acted as
sole book-running manager for the offering.
The Securities and Exchange Commission (“SEC”)
declared effective a registration statement 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 was filed with the SEC.
The offering was made only by means of a prospectus. Copies of the
prospectus relating to the offering may be obtained 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.
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 offering. No
assurance can be given 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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