SAN DIEGO - Regulus (NASDAQ:RGLS) Therapeutics Inc. (NASDAQ:RGLS), a biopharmaceutical company, has announced the successful securing of approximately $100 million through a private placement of equity to a group of institutional and accredited investors. The financing round, set to close on or about March 14, 2024, is subject to standard closing conditions.
The oversubscribed round saw contributions from both new and existing investors, including Adage Capital Partners, Deep Track Capital, Federated Hermes (NYSE:FHI) Kaufmann Funds, New Enterprise Associates, Octagon Capital, RA Capital Management, and Vivo Capital.
The company's shares were offered to investors at $1.60 per share, and a new class of non-voting Class A-6 convertible preferred stock was also made available at $160.00 per share. Each preferred share is convertible into 100 shares of common stock, with certain ownership conversion limitations.
Leerink Partners led the placement as the lead agent, with H.C. Wainwright & Co. as the co-placement agent, and Canaccord Genuity served as a financial advisor. The securities sold during this private placement have not been registered under the Securities Act of 1933, and as such, cannot be reoffered or resold in the United States absent registration or an exemption from registration requirements.
Regulus Therapeutics specializes in the development of medicines that target microRNAs, leveraging its expertise in oligonucleotide drug discovery and development. The company, headquartered in San Diego, California, has built a pipeline of potential treatments supported by a substantial intellectual property estate in the field of microRNAs.
The company's press release included forward-looking statements, which are not historical facts but are based on expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ, including market conditions and fulfillment of customary closing conditions. Regulus has emphasized that these forward-looking statements are predictions and that actual events or results could vary materially.
The announcement is based on a press release statement from Regulus Therapeutics Inc . and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
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