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Benitec Biopharma Inc. Announces Closing of $18 Million Underwritten Public Offering
HAYWARD, Calif., Sept. 16, 2022 (GLOBE NEWSWIRE) -- Benitec Biopharma Inc. (Nasdaq: BNTC) (“Benitec” or “the Company”), a development-stage, gene
About this update from Benitec Biopharma Inc.
[{"type":"text","content":"HAYWARD, Calif., Sept. 16, 2022 (GLOBE NEWSWIRE) -- Benitec Biopharma Inc. (Nasdaq: BNTC) (“Benitec” or “the Company”), a development-stage, gene therapy-focused, biotechnology company developing novel genetic medicines based on its proprietary DNA-directed RNA interference (\"ddRNAi\") platform, today announced it closed its previously announced underwritten public offering of 29,809,471 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and accompanying warrants to purchase up to 29,809,471 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 our 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. JMP Securities, A Citizens Company, acted as sole book-running manager for the offering. The Securities and Exchange Commission (“SEC”) declared effective a registration statement on Form S-1 relating to these securities (other than the shares of common stock issuable upon exercise of the common warrants) on September 12, 2022. A final prospectus relating to this offering was filed with the SEC. The offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from JMP Securities LLC, 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, Attention: Prospectus Department, or by calling (415) 835-8985, or by email at [email protected]. Investors may also obtain these documents at no cost by visiting the SEC’s website at http://www.sec....