enGene Holdings Inc., a clinical-stage genetic medicines company, has entered into an agreement to sell 6,758,311 of its common shares at a price of $8.90 per share. This private placement is expected to generate approximately $60 million in gross proceeds, before deducting offering-related expenses. The transaction is anticipated to close on October 29, 2024, subject to customary closing conditions.
The financing saw participation from both new and existing investors, including prominent names such as Deep Track Capital, Cormorant Asset Management, Forbion, OrbiMed, Sphera Healthcare, Vestal Point Capital, and Venrock Healthcare Capital Partners. enGene plans to allocate the net proceeds from this financing towards various strategic initiatives. These include funding the ongoing development of its lead investigational product, detalimogene, supporting pre-commercial activities, exploring the potential expansion of its DDX platform, and bolstering working capital and general corporate purposes.
The company projects that the proceeds from this financing, when combined with its current cash and cash equivalents, will provide sufficient runway to fund its current operating plan into 2027. Leerink Partners, Piper Sandler & Co., Guggenheim Securities, and Wells Fargo Securities are acting as placement agents to enGene in connection with this private placement.
The securities offered in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption. However, enGene has committed to filing a registration statement with the U.S. Securities and Exchange Commission (SEC) to register the resale of the common shares issued in this private placement. Any subsequent offering of these securities under the resale registration statement will be conducted solely by means of a prospectus.
Source link: http://www.businesswire.com/news/home/20241025787255/en/enGene-Announces-60-Million-Private-Placement-Financing
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
