Business
Entrada Therapeutics Announces $100 Million Registered Direct Offering
– The offering was led by a U.S.-based healthcare focused investor, two global mutual funds and Janus Henderson Investors, a global asset management firm –
About this update from Entrada Therapeutics, Inc.
[{"type":"text","content":"– The offering was led by a U.S.-based healthcare focused investor, two global mutual funds and Janus Henderson Investors, a global asset management firm –\nBOSTON, June 24, 2024 (GLOBE NEWSWIRE) -- Entrada Therapeutics, Inc. (Nasdaq: TRDA) is a clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines that engage intracellular targets long considered inaccessible. The Company today announced that it has entered into a securities purchase agreement with a group of investors for the purchase of 3,367,003 shares of common stock and pre-funded warrants to purchase up to 3,367,003 shares of common stock in a registered direct offering for aggregate gross proceeds of approximately $100 million. The offering was led by a U.S.-based healthcare focused investor, two global mutual funds and Janus Henderson Investors, a global asset management firm. The purchase price for the common stock is $14.85 per share and the purchase price for the pre-funded warrants is $14.8499 per warrant, which represents the per share purchase price for the common stock less the $0.0001 exercise price for the pre-funded warrant. The offering is expected to close on or about June 25, 2024, subject to the satisfaction of customary closing conditions. Entrada expects to use the net proceeds from the offering to fund the ongoing clinical development of each of ENTR-601-44 and ENTR-601-45 through initiation of our planned Phase 2b clinical trials and ENTR-601-50 through initiation of our planned Phase 2 multiple ascending dose trial, the ongoing research and development of our development pipeline (including our neuromuscular and ocular franchises), and the remainder for working capital and other general corporate purposes. The shares of common stock, pre-funded warrants and shares of common stock issuable upon the exercise of the pre-funded warrants were offered pursuant to a “shelf” registration statement that was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 1, 2022 (File No. 333-268099) and declared effective by the SEC on November 7, 2022. A final prospectus supplement containing additional information relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. This press release shall not constitute a...