Prelude Therapeutics Announces Pricing of Public Offering
May 18 2023 - 7:00AM
Prelude Therapeutics Incorporated ("Prelude" or the "Company")
(Nasdaq: PRLD), a clinical-stage precision oncology company, today
announced the pricing of its underwritten public offering of
3,048,522 shares of its voting common stock and 1,448,222 shares of
its non-voting common stock, each at a price to the public of $5.75
per share, and, in lieu of common stock to investors who so choose,
pre-funded warrants to purchase up to an aggregate of 12,895,256
shares of its common stock at a price to the public of $5.7499 per
pre-funded warrant, which represents the per share public offering
price for the common stock less the $0.0001 per share exercise
price for each such pre-funded warrant. In addition, Prelude has
granted the underwriter a 30-day option to purchase up to an
additional 2,608,800 shares of its common stock. Before deducting
the underwriting discounts and commissions and estimated offering
expenses, Prelude expects to receive total gross proceeds of
approximately $100.0 million, assuming no exercise of the
underwriter's option to purchase additional shares. The offering is
expected to close on or about May 22, 2023, subject to the
satisfaction of customary closing conditions.
Morgan Stanley is acting as sole book-running
manager for the offering.
A registration statement on Form S-3 relating to
these securities was filed with the Securities and Exchange
Commission ("SEC") on November 12, 2021, and was
declared effective by the SEC on November 24, 2021.
The offering was made only by means of a preliminary prospectus
supplement and accompanying prospectus, which was filed on May 17,
2023, relating to and describing the terms of the offering. A final
prospectus supplement and accompanying prospectus relating to the
offering will also be filed with the SEC. These documents can be
obtained on the SEC's website at http://www.sec.gov.
You can also obtain the final prospectus supplement and
accompanying prospectus, when available, by contacting Morgan
Stanley & Co. LLC, 180 Varick St, 2nd Floor, New York, NY
10014.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any offer or sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Prelude Therapeutics
Prelude Therapeutics is a clinical-stage
precision oncology company developing innovative drug candidates
targeting critical cancer cell pathways. The Company's diverse
pipeline is comprised of highly differentiated, potentially
best-in-class proprietary small molecule compounds aimed at
addressing clinically validated pathways for cancers with
selectable underserved patients. Prelude's pipeline includes four
candidates currently in clinical development: PRT1419, a potent,
selective inhibitor of MCL1, PRT2527, a potent and highly selective
CDK9 inhibitor, PRT3645, a next generation CDK4/6 inhibitor, and
PRT3789, an IV administered, potent and highly selective SMARCA2
degrader.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, statements regarding the underwritten offering,
including Prelude's expectations with respect to the timing of the
closing of the offering and gross proceeds from the offering. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements. Although Prelude
believes that the expectations reflected in such forward-looking
statements are reasonable, Prelude cannot guarantee future events,
results, actions, levels of activity, performance or achievements,
and the timing and results of biotechnology development and
potential regulatory approval is inherently uncertain.
Forward-looking statements are subject to risks and uncertainties
that may cause Prelude's actual activities or results to differ
significantly from those expressed in any forward-looking
statement, including risks and uncertainties related to Prelude's
ability to advance its product candidates, the receipt and timing
of potential regulatory designations, approvals and
commercialization of product candidates, the impact of the COVID-19
pandemic on Prelude's business, clinical trial sites, supply chain
and manufacturing facilities, Prelude's ability to maintain and
recognize the benefits of certain designations received by product
candidates, the timing and results of preclinical and clinical
trials, Prelude's ability to fund development activities and
achieve development goals, Prelude's ability to protect
intellectual property, and other risks and uncertainties described
under the heading "Risk Factors" in documents Prelude files from
time to time with the SEC. These forward-looking statements speak
only as of the date of this press release, and Prelude undertakes
no obligation to revise or update any forward-looking statements to
reflect events or circumstances after the date hereof.
Investor Contact:Lindsey TrickettVice
President, Investor
Relations240.543.7970ltrickett@preludetx.com
Media Contact:Helen ShikShik Communications
617.510.4373Helen@ShikCommunications.com
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