Precision BioSciences Announces $40.0 Million Offering of Common Stock and Warrants
March 01 2024 - 6:30AM
Business Wire
Precision BioSciences, Inc. (Nasdaq: DTIL) (“Precision”), an
advanced gene editing company utilizing its novel proprietary
ARCUS® platform to develop in vivo gene editing therapies for
sophisticated gene edits, including gene insertion, excision, and
elimination, today announced that it has agreed to sell to the
public by way of an underwritten offering 2,500,000 shares of its
common stock and accompanying warrants to purchase up to 2,500,000
shares of common stock at a combined offering price of $16.00 price
per share, for total gross proceeds of $40.0 million, before
deducting underwriting discounts and commissions. The warrants have
an exercise price of $20.00 per share and are exercisable
immediately and will expire five years following the date of
issuance. The financing consisted of participation from leading
life sciences investors, including Perceptive Advisors, Janus
Henderson Investors, Aquilo Capital Management, LLC and LYFE
Capital.
In addition, Precision BioSciences has granted the underwriter a
30-day option to purchase up to an additional 375,000 shares of its
common stock and/or warrants to purchase up to 375,000 shares of
common stock, at the combined public offering price and less
underwriting discounts and commissions. The offering is expected to
close on or about March 5, 2024, subject to customary closing
conditions. All shares of common stock and accompanying warrants to
be sold in the offering will be sold by Precision. Precision
intends to use the net proceeds of the offering to help fund
ongoing and planned research and development, and for working
capital and general corporate purposes.
Guggenheim Securities, LLC is acting as sole book-running
manager for the offering.
The securities described above were offered by means of a
prospectus supplement dated March 1, 2024, and accompanying
prospectus dated June 15, 2023, forming part of Precision’s
effective shelf registration statement (File No. 333-272540). The
prospectus supplement and accompanying prospectus relating to this
offering will be filed with the U.S. Securities and Exchange
Commission (the “SEC”) and will be available on the SEC’s website
located at www.sec.gov. Copies of the prospectus supplement and the
accompanying prospectus may also be obtained, when available, by
contacting: Guggenheim Securities, LLC, Attention: Equity Syndicate
Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by
telephone at (212) 518-9544, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
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,
the securities in this offering 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 Precision BioSciences, Inc.
Precision BioSciences, Inc. is an advanced gene editing company
dedicated to improving life (DTIL) with its novel and proprietary
ARCUS® genome editing platform that differs from other technologies
in the way it cuts, its smaller size, and its simpler structure.
Key capabilities and differentiating characteristics may enable
ARCUS nucleases to drive more intended, defined therapeutic
outcomes. Using ARCUS, Precision’s pipeline is comprised of in vivo
gene editing candidates designed to deliver lasting cures for the
broadest range of genetic and infectious diseases where no adequate
treatments exist.
Forward-Looking Statements
Certain statements contained in this press release, including
those relating to the timing and size of the offering, the grant of
the option to purchase additional shares of common stock and/or
warrants, the anticipated total gross proceeds from the offering
and other statements relating to the proposed offering, are
forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These risks and
uncertainties include, but are not limited to, risks and
uncertainties associated with the consummation of the proposed
offering, uncertainties related to market conditions, the
satisfaction of customary closing conditions related to the
proposed offering, the completion of the offering on the
anticipated terms or at all, general economic conditions and other
risks identified from time to time in the reports Precision files
with the SEC, including its Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K, and the
preliminary prospectus supplement and accompanying prospectus
related to the proposed offering to be filed with the SEC, which
are available at www.sec.gov. The forward-looking statements in
this press release speak only as of the date of this document, and
Precision undertakes no obligation to update or revise any of the
statements. Precision’s business is subject to substantial risks
and uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20240301968620/en/
Naresh Tanna Vice President of Investor Relations
Naresh.tanna@precisionbiosciences.com
Precision BioSciences (NASDAQ:DTIL)
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