NEW YORK - Lexeo Therapeutics, Inc. (NASDAQ:LXEO), a company focusing on genetic medicine for cardiovascular and Alzheimer’s diseases, has announced a private placement agreement with institutional and healthcare investors. The deal involves the sale of approximately 6.3 million shares at $15.13 each, aiming to raise around $95 million before expenses. The transaction is set to close on March 13, 2024, pending standard conditions.
The private placement was co-led by Braidwell LP and Adage Capital Partners LP, with RA Capital Management, Surveyor Capital, Eventide Asset Management, and Novo Holdings A/S also participating. J.P. Morgan and Leerink Partners served as co-lead placement agents, with Stifel also involved.
Lexeo plans to allocate the net proceeds to progress its clinical stage programs, as well as for working capital and general corporate purposes. The funds, alongside existing capital, are expected to support the company's operations and capital expenditure into 2027.
The shares to be issued have not been registered under the Securities Act of 1933 and will be subject to restrictions on resale in the U.S. Lexeo and the investors have entered into a registration rights agreement, committing the company to register the shares for resale, which will be done via a prospectus.
The offering complies with Nasdaq's Minimum Price requirement. Lexeo's focus is on advancing treatments for genetically defined cardiovascular diseases and APOE4-associated Alzheimer’s disease, aiming to change the treatment landscape for these conditions.
This press release statement serves as the basis for the information provided and does not constitute an offer to sell or a solicitation of an offer to buy Lexeo's Common Stock. The described private placement is not open for public sale and is subject to regulatory constraints.
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