ZUG, Switzerland and BOSTON – CRISPR Therapeutics (NASDAQ:CRSP), a leader in gene-based medicine development, has announced a registered direct offering of its common shares, raising approximately $280 million. The transaction involves the sale of shares to a group of institutional investors, including new investor EcoR1 Capital, SR One, and other participants. The offering price of $71.50 per share reflects a premium of over 10% to the company’s recent 30-day volume-weighted average price.
The financing, which is anticipated to close on February 27, 2024, subject to standard closing conditions, aims to bolster CRISPR Therapeutics’ balance sheet, with a pro forma cash position exceeding $2.1 billion. This strengthened financial standing is expected to support the company’s ongoing clinical trials in various therapeutic areas such as oncology, cardiovascular diseases, diabetes, autoimmune disorders, and in vivo gene writing programs.
Samarth Kulkarni, Ph.D., CEO and Chairman of CRISPR Therapeutics said, “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.”
The shares in this offering were made available through an automatically effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on July 29, 2021.
CRISPR Therapeutics, established over a decade ago, has evolved from a research-stage entity to one with a diverse portfolio of product candidates across multiple disease areas. The company’s partnerships with industry leaders such as Bayer (OTC:) and Vertex Pharmaceuticals (NASDAQ:) have been instrumental in advancing its mission.
The information in this article is based on a press release statement from CRISPR Therapeutics.
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