Benitec Raises $18 Million In Public Offering
September 16, 2022
Benitec Biopharma, a company developing novel genetic medicines based on its proprietary DNA-directed RNA interference platform, raised $18 million in an underwritten public offering.
The company sold 29.8 million shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and accompanying warrants to purchase up to 29.8 million shares of common stock. Each share of common stock (or pre-funded warrant in lieu thereof) was sold together with one common warrant to purchase one share of common stock at a combined offering price of $0.60. The warrants will be exercisable commencing on the effective date of an increase in its authorized shares of common stock at an exercise price of $0.66 per share of common stock and will expire on the fifth anniversary of such initial exercise date.
The aggregate gross proceeds to Benitec from the public offering were approximately $17.9 million prior to deducting underwriting discounts, commissions, and other estimated offering expenses. The company intends to use the net proceeds from this financing for the clinical development of BB-301, including the natural history lead-in study and the phase 1b/2a BB-301 treatment study, for the continued advancement of development activities for other existing and new product candidates, for general corporate purposes and for strategic growth opportunities.
Benitec’s proprietary platform, called DNA-directed RNA interference, or ddRNAi, combines RNA interference with gene therapy to create medicines that facilitate sustained silencing of disease-causing genes following a single administration. Lead candidate BB-301 is in IND enabling studies for the treatment of oculopharyngeal muscular dystrophy (OPMD), a rare genetic myopathy that is characterized by weakness of the eyelids and throat muscles, which can affect vision and swallowing.
Author: Rare Daily Staff
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