On February 13, 2024 CRISPR Therapeutics (Nasdaq: CRSP), a biopharmaceutical company focused on creating transformative gene-based medicines for serious diseases, reported that it has entered into an investment agreement for the sale of approximately $280 million of its common shares (the "Shares") to a select group of institutional investors in a registered direct offering, at a price per share of $71.50, representing a premium of greater than 10% to CRISPR Therapeutics’ 30-day volume-weighted average price (Press release, CRISPR Therapeutics, FEB 13, 2024, View Source [SID1234640026]). The financing is expected to close on or about February 27, 2024, subject to customary closing conditions.
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The financing is being led by EcoR1 Capital and SR One with participation from existing investors and a leading healthcare specialist investor.
"We are pleased with the quality of the new and existing long-term investors as we accelerate our programs and expand our pipeline with the goal of delivering paradigm-shifting gene editing therapies to patients," said Samarth Kulkarni, Ph.D., Chief Executive Officer and Chairman of CRISPR Therapeutics. "We are well positioned to execute on our on-going clinical trials in oncology, cardiovascular and diabetes, and further accelerate our auto-immune and in vivo gene writing programs, setting up a catalyst-rich 12-18 months for the company. This financing bolsters our already strong balance sheet, provides the opportunity for additional value creation, and gives us the flexibility to reach sustainability without requiring additional capital."
The Shares were offered pursuant to an automatically effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (the "SEC") on July 29, 2021 (File No. 333-258274). A final prospectus supplement containing additional information relating to the offering, will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.
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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.