Business
Fate Therapeutics Announces Completion of Public Offering of Common Stock and Pre-Funded Warrants, and Full Exercise of Underwriters’ Option to Purchase Additional Shares
SAN DIEGO, Jan. 08, 2021 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. (the “Company” or “Fate Therapeutics”) (NASDAQ: FATE), a clinical-stage biopharmaceutical
About this update from Fate Therapeutics, Inc.
[{"type":"text","content":"SAN DIEGO, Jan. 08, 2021 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. (the “Company” or “Fate Therapeutics”) (NASDAQ: FATE), a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, today announced the closing of an underwritten public offering of 5,122,807 shares of its common stock, which included 701,754 shares that were issued pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $85.50 per share. In addition, in lieu of common stock to certain investors, the Company announced the closing of an underwritten public offering of pre-funded warrants to purchase 257,310 shares of its common stock at a purchase price of $85.499 per pre-funded warrant, which equals the public offering price per share of the common stock less the $0.001 exercise price per share of each pre-funded warrant. Aggregate net proceeds from this offering are expected to be approximately $432 million after deducting underwriting discounts and commissions and other estimated offering expenses. Fate Therapeutics intends to use the net proceeds from the offering to fund clinical trials and nonclinical studies of its product candidates, the manufacture of its clinical product candidates, the expansion of its cGMP compliant manufacturing operations, including the construction, commissioning and qualification of its new facility, the conduct of preclinical research and development, and for general corporate purposes. Jefferies, BofA Securities, SVB Leerink and Barclays acted as joint book-running managers for the offering. Wells Fargo Securities acted as lead manager for the offering, and Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. acted as co-managers for the offering. The securities described above were offered by Fate Therapeutics pursuant to an automatic shelf registration statement on Form S-3 (File No. 333-228513) that was previously filed by Fate Therapeutics with the Securities and Exchange Commission (the “SEC”) and automatically became effective upon filing on November 21, 2018. A final prospectus supplement related to the offering was filed with the SEC on January 7, 2021 and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying pros...