Press release
Geron Corporation Announces Closing of Upsized Public Offering of Common Stock and Pre-Funded Warrants Plus Full Exercise of the Underwriters’ Option to Purchase Additional Shares for Total Gross Proceeds of $227.8 Million
FOSTER CITY, Calif.--(BUSINESS WIRE)-- Geron Corporation (Nasdaq: GERN), a late-stage clinical biopharmaceutical company, today announced the closing of its
About this update from Geron Corporation
[{"type":"text","content":" FOSTER CITY, Calif.--(BUSINESS WIRE)--\nGeron Corporation (Nasdaq: GERN), a late-stage clinical biopharmaceutical company, today announced the closing of its upsized underwritten public offering of common stock and pre-funded warrants, plus the full exercise of the underwriters’ option to purchase additional shares of common stock for total gross proceeds of $227.8 million. All of the securities in the offering were sold by Geron.\n\nThe estimated net proceeds to Geron from this underwritten public offering, after deducting the underwriting discount and other estimated offering expenses, are approximately $213.3 million. Geron currently intends to use the net proceeds from this public offering, together with its existing cash, cash equivalents, restricted cash and current and noncurrent marketable securities, to fund preparatory activities for the potential U.S. commercial launch of imetelstat in lower risk MDS, and, if approved, to fund the potential U.S. commercial launch of imetelstat. Geron intends to use the remaining proceeds, if any, for working capital and general corporate purposes.\n\nThe public offering consisted of 68,007,741 shares of Geron’s common stock at a price to the public of $2.45 per share, including 12,131,444 shares of common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares, and pre-funded warrants to purchase 25,000,000 shares of Geron’s common stock at a price to the public of $2.449 per pre-funded warrant.\n\nGoldman Sachs & Co. LLC and Stifel acted as joint book-running managers for the offering. Wedbush PacGrow and Baird acted as co-lead managers for the offering. B. Riley Securities and Needham & Company acted as co-managers for the offering.\n\nAn automatically effective shelf registration statement on Form S-3 relating to the public offering of the shares of common stock and pre-funded warrants described above was filed with the Securities and Exchange Commission (SEC) on January 4, 2023. A final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s web site at www.sec.gov. When available, copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from: Goldman Sachs & Co. LLC, at Prospectus Depa...