CHARLESTOWN, Mass. - Solid Biosciences Inc. (NASDAQ:SLDB), a biotechnology firm specializing in genetic therapies for neuromuscular and cardiac diseases, has announced a private placement agreement with institutional investors to raise approximately $108.9 million. The transaction, involving both new and existing investors, is slated to close on January 11, 2024, pending customary closing conditions.
The private placement, compliant with Nasdaq's Minimum Price rule, includes investors such as Perceptive Advisors, Adage Capital Partners LP, Deerfield Management Company, Invus, Janus Henderson Investors, Vestal Point Capital, LP, Bain Capital Life Sciences, RA Capital Management, and an undisclosed life sciences investor. Citigroup and Cantor served as joint lead placement agents.
In the deal, Solid Biosciences will issue 16,973,103 shares of common stock at $5.53 each, along with pre-funded warrants for 2,712,478 shares at $5.529 per warrant. These warrants can be exercised immediately at a nominal price of $0.001 per share until fully utilized.
The company intends to allocate the net proceeds from this private placement to advance its pipeline development programs, support business development activities, and bolster working capital and other general corporate purposes.
The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended, and are therefore not available for sale in the United States without registration or an applicable exemption. Solid Biosciences has committed to filing a registration statement with the U.S. Securities and Exchange Commission for the resale of the common stock and the shares obtainable upon exercising the pre-funded warrants within 30 days post-closing.
The information in this article is based on a press release statement from Solid Biosciences Inc.
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