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Seres Therapeutics Announces $100 Million Registered Direct Offering of Common Stock
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Seres Therapeutics, Inc. (Nasdaq: MCRB), a leading microbiome therapeutics company, today announced that it has entered
About this update from Seres Therapeutics, Inc.
[{"type":"text","content":" CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nSeres Therapeutics, Inc. (Nasdaq: MCRB), a leading microbiome therapeutics company, today announced that it has entered into securities purchase agreements with new and existing investors and certain directors and officers in a registered direct offering of 31,746,030 shares of common stock (the “Shares”) at a purchase price of $3.15 per share, resulting in gross proceeds of approximately $100 million, before deducting placement agent’s fees and other estimated offering expenses. The offering included participation by Federated Hermes Kaufmann Funds, Flagship Pioneering, Heights Capital Management, Inc., Janus Henderson Investors, and Nestlé Health Science, as well as other new and existing investors.\n\nThe offering is expected to close on July 5, 2022, subject to customary closing conditions.\n\nJ.P. Morgan Securities LLC is acting as the exclusive placement agent for the offering.\n\nSeres intends to use the net proceeds from the offering for commercial readiness and manufacture of SER-109 for the U.S. market, including expanding longer-term commercial manufacturing capacity; advancing the clinical development of SER-109 for the EU market; and other general corporate and working capital purposes.\n\nThe Shares were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-244401) that was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on May 6, 2022. A final prospectus supplement, which contains 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. Electronic copies of the final prospectus supplement may be obtained, when available, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 866-803-9204, or by email at [email protected].\n\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any sale of the Shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.\n\nForward-Looking Statements\n\nThis press release ...