Financing included participation from new and
existing investors
Pro forma cash and cash equivalents expected
to fund current operating plan into 2027
BOSTON and MONTREAL, Feb. 14,
2024 /PRNewswire/ - enGene Holdings Inc. (Nasdaq:
ENGN or "enGene" or the "Company"), a clinical-stage genetic
medicines company whose non-viral lead program EG-70 is in a
pivotal study for BCG-unresponsive non-muscle invasive bladder
cancer (NMIBC), today announced that it has agreed to sell 20
million of its common shares at a price per share of $10.00, representing a 31% premium over the
closing price on February 13, 2024.
The financing is expected to close on February 16, 2024, subject to customary closing
conditions. enGene anticipates the gross proceeds from the private
placement to be $200 million, before
deducting any offering-related expenses.
The financing included participation from new and existing
investors, including Adage Capital Partners, LP, Blue Owl
Healthcare Opportunities, Boxer Capital, Commodore Capital,
Cormorant Asset Management, Deep Track Capital, an affiliate of
Deerfield Management Company, Foresite Capital, Janus Henderson
Investors, Logos Capital, Lumira Ventures, Marshall Wace, Perceptive Advisors, Soleus
Capital, Surveyor Capital (a Citadel company), Venrock Healthcare
Capital Partners, and a large investment management firm.
enGene intends to use the proceeds from this financing to fund
the continued development of EG-70, the Company's genetic medicine
therapeutic candidate being evaluated in an ongoing pivotal study
for BCG-unresponsive NMIBC, evaluation of expanded EG-70
development opportunities, potential new R&D programs and for
working capital and general corporate purposes. The proceeds from
this financing, combined with current cash and cash equivalents are
expected to be sufficient to fund the current operating plan into
2027.
Leerink Partners, Guggenheim Securities and Wells Fargo
Securities are acting as placement agents on the offering.
The securities described above have not been registered under
the Securities Act of 1933, as amended. Accordingly, these
securities may not be offered or sold in the United States, except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act. enGene has
agreed to file a registration statement with the U.S. Securities
and Exchange Commission (the "SEC") registering the resale of the
common shares issued in this private placement. Any offering of the
securities under the resale registration statement will only be
made by means of a prospectus.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About enGene
enGene is a late-stage biotechnology company mainstreaming
genetic medicines through the delivery of therapeutics to mucosal
tissues and other organs, whose lead program EG-70 is being
evaluated in an ongoing pivotal study for patients with non-muscle
invasive bladder cancer (NMIBC) with carcinoma in situ (Cis) who
are unresponsive or naïve to treatment with Bacillus
Calmette-Guérin (BCG). EG-70 was developed using enGene's
proprietary Dually Derivatized Oligochitosan (DDX) platform, which
enables penetration of mucosal tissues and delivery of a wide range
of sizes and types of cargo, including DNA and various forms of
RNA. enGene became a publicly traded company
effective November 1, 2023, upon the completion of a business
combination with Forbion European Acquisition Corporation, a
special purpose acquisition company.
Forward-Looking
Statements
Some of the statements contained in this press release may
constitute forward-looking statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, and "forward-looking information" within the meaning
of Canadian securities laws (collectively, "forward-looking
statements"). enGene's forward-looking statements include, but are
not limited to, statements regarding enGene's expectations, hopes,
beliefs, intentions, goals, strategies, forecasts and projections.
The words "anticipate", "appear", "approximate", "believe",
"continue", "could", "estimate", "expect", "foresee", "intend",
"may", "might", "plan", "possible", "potential", "predict",
"project", "seek", "should", "would", and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements may include, for example, statements
about: the timing and expectation of the closing of the private
placement; the satisfaction of customary closing conditions related
to the private placement and the anticipated use of proceeds
therefrom; and the period over which enGene estimates the proceeds
from the private placement, combined with its existing cash and
cash equivalents, will be sufficient to fund its current operating
plan.
Many factors, risks, uncertainties and assumptions could cause
the Company's actual results, performance or achievements to differ
materially from those expressed or implied by the forward-looking
statements, including, without limitation, the Company's ability to
recruit and retain qualified scientific and management personnel;
establish clinical trial sites and enroll patients in its clinical
trials; execute on the Company's clinical development plans and
ability to secure regulatory approval on anticipated timelines; and
other risks and uncertainties detailed in filings with Canadian
securities regulators on SEDAR+ and with the U.S. Securities and
Exchange Commission ("SEC") on EDGAR, including those described in
the "Risk Factors" section of the Company's Annual Report on Form
10-K for the fiscal year ended October 31,
2023 (copies of which may be obtained at www.sedarplus.ca or
www.sec.gov).
You should not place undue reliance on any forward-looking
statements, which speak only as of the date on which they are made.
enGene anticipates that subsequent events and developments will
cause enGene's assessments to change. While enGene may elect to
update these forward-looking statements at some point in the
future, enGene specifically disclaims any obligation to do so,
unless required by applicable law. Nothing in this press release
should be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/engene-announces-oversubscribed-200-million-private-placement-financing-302061427.html
SOURCE enGene