Business
Lexeo Therapeutics Announces Closing of Oversubscribed $95.0 Million Equity Financing
Lexeo extends runway into 2027 with private placement co-led by Braidwell LP and Adage Capital Partners LP with participation from new and existing investors
About this update from Lexeo Therapeutics, Inc.
[{"type":"text","content":"Lexeo extends runway into 2027 with private placement co-led by Braidwell LP and Adage Capital Partners LP with participation from new and existing investors including RA Capital Management, Surveyor Capital (a Citadel company), Eventide Asset Management, Novo Holdings A/S, Invus, Laurion Capital Management, Longitude Capital, Omega Funds and Woodline Partners LP\nNEW YORK, March 13, 2024 (GLOBE NEWSWIRE) -- Lexeo Therapeutics, Inc. (Nasdaq: LXEO), a clinical stage genetic medicine company dedicated to pioneering treatments for genetically defined cardiovascular diseases and APOE4-associated Alzheimer’s disease, today announced the closing of its previously announced private placement. The financing was co-led by Braidwell LP and Adage Capital Partners LP with participation from new and existing investors including RA Capital Management, Surveyor Capital (a Citadel company), Eventide Asset Management, Novo Holdings A/S, Invus, Laurion Capital Management, Longitude Capital, Omega Funds and Woodline Partners LP for total gross proceeds of approximately $95.0 million. Lexeo sold 6,278,905 shares of its common stock (“Common Stock”) in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), at a sale price equal to $15.13 per share. J.P. Morgan and Leerink Partners acted as co-lead placement agents for the transaction. Stifel also acted as co-placement agent. Lexeo intends to use net proceeds from the financing to fund advancement of ongoing clinical stage programs, and for working capital and general corporate purposes. The proceeds from this financing, combined with current cash, cash equivalents and marketable securities, are expected to fund operating and capital expenditures into 2027. The common stock sold in the private placement has not been registered under the Securities Act, or any state or other applicable jurisdiction’s securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. In connection with the private placement, Lexeo and the investors entered into a registration rights agreement pursuant to which Lexeo will file a registration statement (the “Resale Registration Stateme...