Prelude Therapeutics Announces Launch of Proposed Public Offering
17 Mai 2023 - 10:08PM
Prelude Therapeutics Incorporated (“Prelude” or the “Company”)
(Nasdaq: PRLD), a clinical-stage precision oncology company, today
announced that it has commenced an underwritten public offering
of $100.0 million of shares of common stock and, in lieu of
common stock to investors that so choose, pre-funded warrants to
purchase shares of common stock. All of the shares of common stock
and pre-funded warrants are being offered by Prelude. In addition,
Prelude has granted the underwriter a 30-day option to purchase
additional shares of its common stock in an amount equal to 15% of
the securities offered in the public offering.
Morgan Stanley is acting as sole book-running
manager for the offering. The proposed offering is subject to
market and other conditions, and there can be no assurance as to
whether or when the offering may be completed, or as to the actual
size or terms of the offering.
Prelude intends to use the net proceeds from the
offering, together with its existing cash and cash equivalents, to
advance its current clinical pipeline, including PRT2527, PRT1419,
PRT3645 and PRT3789; advance its research and discovery efforts
including its efforts for a new SMARCA2 oral molecule; and support
organizational growth and for working capital and other general
corporate purposes.
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 is being made only by means of a preliminary
prospectus supplement and accompanying prospectus which will be
filed with the SEC relating to and describing the terms of the
proposed offering and will be available on the SEC’s website at
www.sec.gov. You can also obtain the prospectus, when available, by
contacting Morgan Stanley & Co. LLC, 180 Varick St, 2nd
Floor, New York, NY 10014. The final terms of the offering will be
disclosed in a final prospectus supplement to be filed with the
SEC.
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 proposed underwritten
offering, including Prelude’s expectations with respect to granting
the underwriter a 30-day option to purchase additional shares, the
completion, timing and size of the proposed public offering, and
the application of the estimated use of net proceeds. 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
Prelude Therapeutics (NASDAQ:PRLD)
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