Selecta Biosciences Raises $38.7 Million in Public Offering to Advance Immune Tolerance Platform
April 7, 2022
Selecta Biosciences, a company focused on developing tolerogenic therapies to mitigate unwanted immune responses, said it has agreed to sell 27.4 million shares of its common stock and accompanying warrants to purchase up to 20.5 million shares of common stock at a combined offering price of $1.41 per share and accompanying warrant.
The warrants to purchase shares of common stock have an exercise price of $1.55 per share, are immediately exercisable and will expire five years from the date of issuance. All of the securities in the offering will be sold by Selecta.
The gross proceeds to Selecta from the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately $38.7 million.
Selecta has developed an immune tolerance platform called ImmTOR, which enhances transgene expression and addresses adeno-associated virus vector immunogenicity constraints, to enable redosing of transformative therapies.
The company’s preclinical pipeline includes wholly owned gene therapy programs for the rare diseases methylmalonic acidemia (MMA) and ornithine transcarbamylase deficiency (OTCD), and partnered gene therapy programs for Pompe disease, Duchenne muscular dystrophy (DMD), and limb-girdle muscular dystrophy (LGMD).
The company has generated preclinical evidence to support the potential for re-dosing patients receiving gene therapy. Selecta has reported that in preclinical studies, when used in combination with AAV gene therapy vectors, the ImmTOR platform inhibits the development of neutralizing antibodies to the vector, permitting re-dosing of the gene therapy.
Author: Rare Daily Staff
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