Press release
Geron Corporation Announces the Closing of its Public Offering of Common Stock and Warrants
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 previously announced underwritten public offering of 53,333,334 shares of its common stock and pre-funded warrants to purchase 18,095,238 shares of common stock, together with accompanying warrants to purchase 35,714,286 shares of common stock. The combined offering price to the public of each share of common stock and accompanying warrant was $1.05. The combined offering price to the public of each pre-funded warrant and accompanying warrant was $1.049. The common stock and pre-funded warrants were sold in combination with an accompanying warrant to purchase 0.5 of a share of common stock issued for each share of common stock or pre-funded warrant sold. The accompanying warrant has an exercise price of $1.45 per share and expires five years from the date of issuance; however, such term will be shortened upon achievement of a regulatory milestone.\n\nThe estimated net proceeds to Geron from this underwritten public offering are approximately $70 million, after deducting the underwriting discount and other estimated offering expenses payable by Geron. Geron currently intends to use the net proceeds from this public offering, together with its existing cash, cash equivalents, restricted cash and marketable securities, to fund potential regulatory filings in the United States and European Union for imetelstat in lower risk myelodysplastic syndromes (MDS), assuming top-line results in the IMerge Phase 3 clinical trial are supportive, and to support toward the completion of the IMpactMF clinical trial in refractory myelofibrosis and the planned exploratory studies in new indications, including IMproveMF and investigator-led trials in acute myeloid leukemia and higher risk MDS, the preclinical work in lymphoid malignancies and the discovery research program related to next generation telomerase inhibitors.\n\nStifel and Baird acted as joint book-running managers for the public offering and Needham & Company acted as lead manager.\n\nA shelf registration statement on Form S-3 relating to the public offering of the shares of common stock, pre-funded warrants and accompanying warrants described above was previously filed with the Securities and Exchange Commission (SEC) and subsequ...