Entrada Therapeutics Announces $100 Million Registered Direct Offering
June 24 2024 - 7:15AM
Entrada Therapeutics, Inc. (Nasdaq: TRDA) is a clinical-stage
biopharmaceutical company aiming to transform the lives of patients
by establishing a new class of medicines that engage intracellular
targets long considered inaccessible. The Company today announced
that it has entered into a securities purchase agreement with a
group of investors for the purchase of 3,367,003 shares of common
stock and pre-funded warrants to purchase up to 3,367,003 shares of
common stock in a registered direct offering for aggregate gross
proceeds of approximately $100 million. The offering was led by a
U.S.-based healthcare focused investor, two global mutual funds and
Janus Henderson Investors, a global asset management firm.
The purchase price for the common stock is $14.85 per share and
the purchase price for the pre-funded warrants is $14.8499 per
warrant, which represents the per share purchase price for the
common stock less the $0.0001 exercise price for
the pre-funded warrant. The offering is expected to close
on or about June 25, 2024, subject to the satisfaction of customary
closing conditions.
Entrada expects to use the net proceeds from the offering to
fund the ongoing clinical development of each of ENTR-601-44 and
ENTR-601-45 through initiation of our planned Phase 2b clinical
trials and ENTR-601-50 through initiation of our planned Phase 2
multiple ascending dose trial, the ongoing research and development
of our development pipeline (including our neuromuscular and ocular
franchises), and the remainder for working capital and other
general corporate purposes.
The shares of common stock, pre-funded warrants and shares of
common stock issuable upon the exercise of the pre-funded warrants
were offered pursuant to a “shelf” registration statement that was
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) on November 1, 2022 (File No. 333-268099) and declared
effective by the SEC on November 7, 2022. A final prospectus
supplement containing additional information relating to the
offering will be filed with the SEC and will be available on the
SEC’s website at 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 jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Entrada TherapeuticsEntrada Therapeutics
is a clinical-stage biopharmaceutical company aiming to transform
the lives of patients by establishing a new class of medicines that
engage intracellular targets that have long been considered
inaccessible. The Company’s Endosomal Escape Vehicle
(EEV™)-therapeutics are designed to enable the efficient
intracellular delivery of a wide range of therapeutics into a
variety of organs and tissues, resulting in an improved therapeutic
index. Through this proprietary, versatile and modular approach,
Entrada is advancing a robust development portfolio of RNA-,
antibody- and enzyme-based programs for the potential treatment of
neuromuscular, ocular, metabolic and immunological diseases, among
others. The Company’s lead oligonucleotide programs are in
development for the potential treatment of people living with
Duchenne who are exon 44, 45 and 50 skipping amenable. Entrada has
partnered to develop a clinical-stage program, VX-670, for myotonic
dystrophy type 1.
For more information about Entrada, please visit our website,
www.entradatx.com, and follow us on LinkedIn.
Forward-Looking Statements This press release
contains forward-looking statements that involve substantial risks
and uncertainties. All statements, other than statements of
historical facts, contained in this press release, including
statements regarding the expected closing of the offering and
Entrada’s anticipated use of the net proceeds from the offering
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “objective,” “ongoing,” “plan,”
“predict,” “project,” “potential,” “should,” or “would,” or the
negative of these terms, or other comparable terminology are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements speak only as of the date of this press
release and are subject to a number of risks, uncertainties and
assumptions, including, without limitation, the risks and
uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the
offering, as well as risks and uncertainties inherent in the
Entrada’s business, including those described in Entrada’s periodic
filings with the SEC. The events and circumstances reflected in
Entrada’s forward-looking statements may not be achieved or occur
and actual results could differ materially from those projected in
the forward-looking statements. Additional information on risks
facing Entrada Therapeutics can be found under the heading “Risk
Factors” in Entrada Therapeutics’ periodic reports, including its
most recent Form 10-K and in subsequent filings Entrada may make
with the SEC, each available on the SEC’s website at www.sec.gov.
Except as required by applicable law, Entrada does not plan to
publicly update or revise any forward-looking statements contained
herein, whether as a result of any new information, future events,
changed circumstances or otherwise. No representations or
warranties (expressed or implied) are made about the accuracy of
any such forward-looking statements.
Investor and Media ContactCaileigh
DoughertyHead of Investor Relations & Corporate
Communicationscdougherty@entradatx.com
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