Fate Therapeutics, Inc. (FATE), a firm focused on cancer and autoimmune disorders, on Tuesday announced the pricing of an offering of 14,545,454 shares at $5.50 per share.
In addition, Fate announced the pricing of a concurrent private placement of pre-funded warrants to purchase 3,636,364 shares at $5.499 per pre-funded warrant, to certain institutional and other accredited investors affiliated with or managed by Redmile Group, LLC.
The gross proceeds from the offering and private placement are expected to be at around $100 million.
The drug maker intends to use the net proceeds from the transaction to fund clinical trials, nonclinical studies, and manufacturing expenses of its product candidates, research and development, and general corporate purposes.
The financing is expected to be closed on or about March 21.
All of the shares and pre-funded warrants will be sold by the company.
BofA Securities, Jefferies, and Leerink Partners are acting as the joint book running managers for the offering.
For comments and feedback contact: editorial@rttnews.com
Business News