Benitec Biopharma Inc. Announces Pricing of $30 Million Underwritten Public Offering
09 Août 2023 - 4:30AM
Benitec Biopharma Inc. (Nasdaq: BNTC) (“Benitec” or the “Company”),
a clinical-stage, gene therapy-focused, biotechnology company
developing novel genetic medicines based on its proprietary
DNA-directed RNA interference ("ddRNAi") “Silence and Replace”
platform, today announced the pricing of its underwritten public
offering of 15,544,041 shares of its common stock (or pre-funded
warrants to purchase common stock in lieu thereof) and accompanying
warrants to purchase up to 15,544,041 shares of common stock. Each
share of common stock is being sold together with one common
warrant to purchase one share of common stock at a combined
offering price of $1.93 and each pre-funded warrant, if any, is
being sold together with one common warrant to purchase one share
of common stock at a combined offering price of $1.9299. The
pre-funded warrants, if any, will be immediately exercisable until
exercised in full at an exercise price of $0.0001 per share of
common stock. The common warrants will be immediately exercisable
at an exercise price of $3.86 per share of common stock and will
expire on the fifth anniversary of such initial exercise date. The
offering is expected to close on August 11, 2023, subject to
customary closing conditions. In addition, Benitec has granted the
underwriter a 30 day option to purchase an additional 2,331,606
shares of common stock and/or common warrants to purchase up to an
additional 2,331,606 shares of common stock at the public offering
price, less discounts and commissions.
The aggregate gross proceeds to Benitec from the
public offering are expected to be approximately $30 million, prior
to deducting underwriting discounts, commissions and other
estimated offering expenses. The institutional investors
participating in the offering are expected to include Adage Capital
Partners LP, Janus Henderson Investors and Suvretta Capital, as
well as other new and existing investors.
The Company intends to use the net proceeds from
this financing to support the clinical development of BB-301,
including the natural history lead-in study and the Phase 1b/2a
BB-301 treatment study, for the continued advancement of
development activities for other existing and new product
candidates, for general corporate purposes and for strategic growth
opportunities.
JMP Securities, A Citizens Company, is acting as
sole book-running manager for the offering.
The Securities and Exchange Commission (“SEC”)
declared effective a registration statement on Form S-1 relating to
these securities on August 8, 2023. A final prospectus relating to
this offering will be filed with the SEC. The offering is being
made only by means of a prospectus. Copies of the prospectus
relating to the offering may be obtained, when available, from
Citizens JMP Securities, LLC, 600 Montgomery Street, 10th Floor,
San Francisco, CA 94111, Attention: Prospectus Department, or by
calling (415) 835-8985, or by email at syndicate@jmpsecurities.com.
Investors may also obtain these documents at no cost by visiting
the SEC’s website at http://www.sec.gov.
Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more complete information about the Company and
the offering.
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 these securities 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 Benitec Biopharma Inc.
Benitec Biopharma Inc. (“Benitec” or the
“Company”) is a clinical-stage biotechnology company focused on the
advancement of novel genetic medicines with headquarters in
Hayward, California. The proprietary DNA-directed RNA interference
“Silence and Replace” platform combines RNA interference, or RNAi,
with gene therapy to create medicines that simultaneously
facilitate sustained silencing of disease-causing genes and
concomitant delivery of wildtype replacement genes following a
single administration of the therapeutic construct. The Company is
developing Silence and Replace-based therapeutics for chronic and
life-threatening human conditions including Oculopharyngeal
Muscular Dystrophy (OPMD). A comprehensive overview of the Company
can be found on Benitec’s website at www.benitec.com.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including with respect to the proposed
offering. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the proceeds of the offering will be used as indicated. Factors
that could cause actual results to differ materially include, but
are not limited to, the risk factors described in Benitec’s filings
with the SEC. Benitec’s filings can be obtained free of charge on
the SEC’s website at www.sec.gov. Except to the extent required by
law, Benitec expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Benitec’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Investor Relations Contacts:
William WindhamVP, Solebury Strategic CommunicationsPhone:
646-378-2946Email: wwindham@soleburystrat.com
Benitec Biopharma (NASDAQ:BNTC)
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