DURHAM, N.C. - Precision BioSciences, Inc. (NASDAQ:DTIL), a gene editing company leveraging its proprietary ARCUS platform, has announced a public offering of 2.5 million shares of common stock and equal warrants for total gross proceeds of $40 million, before deductions. The offering price is set at $16.00 per share, with accompanying warrants exercisable at $20.00 per share, effective immediately and expiring five years post-issue.
The offering, involving key life sciences investors such as Perceptive Advisors and Janus Henderson Investors, is expected to close around March 5, 2024, subject to standard closing conditions. Precision BioSciences has also granted the underwriter a 30-day option to purchase up to an additional 375,000 shares of common stock and/or warrants.
Guggenheim Securities, LLC is serving as the sole book-running manager for the offering, which was made through a prospectus supplement and accompanying prospectus as part of an effective shelf registration statement.
The funds raised are earmarked for ongoing and planned research and development activities, as well as general corporate purposes, including working capital.
This financial move comes as Precision BioSciences continues to develop in vivo gene editing therapies for complex gene modifications, positioning itself in the field of genetic and infectious diseases where current treatments are insufficient.
The securities were offered via a prospectus supplement dated March 1, 2024, and a prospectus dated June 15, 2023, part of the company’s shelf registration statement. These documents will be accessible through the U.S. Securities and Exchange Commission's website.
Precision BioSciences' ARCUS platform is distinguished by its unique cutting mechanism, smaller size, and simpler structure, which may enable more precise therapeutic outcomes.
The information for this article is based on a press release statement from Precision BioSciences, Inc.
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