GERMANTOWN, Md., Aug. 7, 2024
/PRNewswire/ -- Precigen, Inc. (Nasdaq: PGEN) today announced
the pricing of an underwritten public offering of 35,294,118 shares
of its common stock at a public offering price of $0.85 per share. Precigen has also granted
the underwriters a 30-day option to purchase up to an additional
5,294,117 shares of its common stock. Gross proceeds from the
offering, before deducting underwriting discounts and commissions
and estimated offering expenses, are expected to be approximately
$30.0 million, excluding any exercise
of the underwriters' option. The offering is expected to close on
August 9, 2024, subject to customary
closing conditions.
Stifel is acting as the sole book-running manager for the
offering.
Precigen intends to use the net proceeds from the offering for
advancing PRGN-2012 to regulatory approval and commercial
readiness, limited clinical development of other pipeline assets,
and for working capital and general corporate purposes. The net
proceeds of the offering, together with Precigen's recently
announced strategic reprioritization and streamlining of resources
and cash on hand, are expected to fund Precigen's operations into
early 2025.
The public offering is being made pursuant to a shelf
registration statement on Form S-3 that was previously filed with
the Securities and Exchange Commission (SEC) and became effective
on January 17, 2024. The final
prospectus supplement and accompanying base prospectus relating to
and describing the terms of the offering will be filed with the SEC
and will be available on the SEC's website at www.sec.gov. Copies
of the final prospectus supplement, when available, and
accompanying prospectus relating to the offering may be obtained
from Stifel, Nicolaus & Company, Incorporated, Attention:
Prospectus Department, One Montgomery
Street, Suite 3700, San Francisco,
CA 94104, by telephone at +1 (415) 364-2720 or by email at
syndprospectus@stifel.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these shares in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Precigen
Precigen (Nasdaq: PGEN) is a dedicated discovery and clinical
stage biopharmaceutical company advancing the next generation of
gene and cell therapies using precision technology to target the
most urgent and intractable diseases in our core therapeutic areas
of immuno-oncology, autoimmune disorders, and infectious diseases.
Our technologies are designed to enable us to find innovative
solutions for affordable biotherapeutics in a controlled manner.
Precigen operates as an innovation engine progressing a preclinical
and clinical pipeline of well-differentiated therapies toward
clinical proof-of-concept and commercialization.
Cautionary Statement Regarding Forward-Looking
Statements
Some of the statements made in this press release are
forward-looking statements. These forward-looking statements are
based upon Precigen's current expectations and projections about
future events, including the closing of the public offering, and
the intended use of proceeds of the public offering and expected
cash runway. Various factors may cause differences between
Precigen's expectations and actual results. These risks and
uncertainties include, without limitation, risks and uncertainties
related to market conditions and satisfaction of customary closing
conditions related to the proposed public offering, as well as that
we have broad discretion in the use of proceeds. There can be no
assurance that Precigen will be able to complete the proposed
public offering on the anticipated terms, or at all. For further
information on potential risks and uncertainties, and other
important factors, any of which could cause Precigen's actual
results to differ from those contained in the forward-looking
statements, see the section entitled "Risk Factors" in Precigen's
most recent Annual Report on Form 10-K and subsequent reports filed
with the Securities and Exchange Commission.
Investor Contact:
Steven M.
Harasym
Vice President, Investor Relations
Tel: +1 (301) 556-9850
investors@precigen.com
Media Contacts:
Donelle M.
Gregory
press@precigen.com
Glenn Silver
Lazar-FINN Partners
glenn.silver@finnpartners.com
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SOURCE Precigen, Inc.