MeiraGTx Announces $60 Million Private Placement of Ordinary Shares
May 03 2023 - 8:30AM
MeiraGTx Holdings plc (Nasdaq: MGTX), a vertically integrated,
clinical stage gene therapy company, today announced that it has
agreed to sell approximately 10.7 million ordinary shares at a
price of $5.75 per share. MeiraGTx anticipates aggregate gross
proceeds from the private placement will be approximately $60
million. The Company intends to use the proceeds from this private
placement to continue to advance its pipeline of innovative gene
therapy assets through clinical development, as well as for general
corporate purposes.
The financing was entirely led by the Company’s top holders
Perceptive Advisors, Adage Capital, Prosight Management and 683
Capital Management. The private placement is expected to close on
or about May 5, 2023, subject to customary closing conditions.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the 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 such jurisdiction.
These securities are being sold in a private placement and have
not been registered under the Securities Act of 1933, as amended,
or any state securities laws and may not be offered or sold in the
United States absent registration with the Securities and Exchange
Commission or an applicable exemption from such registration
requirements.
About MeiraGTxMeiraGTx (Nasdaq: MGTX) is a
vertically integrated, clinical-stage gene therapy company with six
programs in clinical development and a broad pipeline of
preclinical and research programs. MeiraGTx has core capabilities
in viral vector design and optimization and gene therapy
manufacturing, and a transformative gene regulation platform
technology that allows precise, dose responsive control of gene
expression by oral small molecules with dynamic range that can
exceed 5000-fold. Led by an experienced management team, MeiraGTx
has taken a portfolio approach by licensing, acquiring and
developing technologies that give depth across both product
candidates and indications. MeiraGTx’s initial focus is on three
distinct areas of unmet medical need: ocular diseases, including
both inherited retinal diseases as well as large degenerative
ocular diseases, neurodegenerative diseases and severe forms of
xerostomia. Though initially focusing on the eye, central nervous
system and salivary gland, MeiraGTx plans to expand its focus to
develop additional gene therapy treatments for patients suffering
from a range of serious diseases.
Forward Looking StatementThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
contained in this press release that do not relate to matters of
historical fact should be considered forward-looking statements,
including, without limitation, statements regarding the
consummation of the private placement and expected use of proceeds,
our product candidate development and anticipated milestones
regarding our pre-clinical and clinical data, reporting of such
data and the timing of results of data and regulatory matters,
including in light of the COVID-19 pandemic, as well as statements
that include the words “expect,” “will,” “intend,” “plan,”
“believe,” “project,” “forecast,” “estimate,” “may,” “could,”
“should,” “would,” “continue,” “anticipate” and similar statements
of a future or forward-looking nature. These forward-looking
statements are based on management’s current expectations. These
statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that
may cause actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to, our incurrence of
significant losses; any inability to achieve or maintain
profitability, raise additional capital, repay our debt
obligations, identify additional and develop existing product
candidates, successfully execute strategic priorities, bring
product candidates to market, expansion of our manufacturing
facilities and processes, successfully enroll patients in and
complete clinical trials, accurately predict growth assumptions,
recognize benefits of any orphan drug designations, retain key
personnel or attract qualified employees, or incur expected levels
of operating expenses; the impact of the COVID-19 pandemic on the
status, enrollment, timing and results of our clinical trials and
on our business, results of operations and financial condition;
failure of early data to predict eventual outcomes; failure to
obtain FDA or other regulatory approval for product candidates
within expected time frames or at all; the novel nature and impact
of negative public opinion of gene therapy; failure to comply with
ongoing regulatory obligations; contamination or shortage of raw
materials or other manufacturing issues; changes in healthcare
laws; risks associated with our international operations;
significant competition in the pharmaceutical and biotechnology
industries; dependence on third parties; risks related to
intellectual property; changes in tax policy or treatment; our
ability to utilize our loss and tax credit carryforwards;
litigation risks; and the other important factors discussed under
the caption “Risk Factors” in our Annual Report on Form 10-K for
the year ended December 31, 2022, as 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. These and other
important factors could cause actual results to differ materially
from those indicated by the forward-looking statements made in this
press release. Any such forward-looking statements represent
management’s estimates as of the date of this press release. While
we may elect to update such forward-looking statements at some
point in the future, unless required by law, we disclaim any
obligation to do so, even if subsequent events cause our views to
change. Thus, one should not assume that our silence over time
means that actual events are bearing out as expressed or implied in
such forward-looking statements. These forward-looking statements
should not be relied upon as representing our views as of any date
subsequent to the date of this press release.
Contacts
Investors:MeiraGTxInvestors@meiragtx.com
or
Media:Jason Braco, Ph.D.LifeSci
Communicationsjbraco@lifescicomms.com
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