CRISPR Therapeutics (Nasdaq: CRSP), a leading biopharmaceutical company dedicated to pioneering transformative gene-based therapies for serious illnesses, has announced a strategic move in securing approximately $280 million through a registered direct offering of its common shares. This offering, set at a price of $71.50 per share, represents a premium exceeding 10% compared to CRISPR Therapeutics’ 30-day volume-weighted average price. The transaction, expected to finalize around February 27, 2024, is subject to customary closing conditions.
EcoR1 Capital and SR One are spearheading this financing round, alongside participation from existing investors and a prominent healthcare specialist investor.
Samarth Kulkarni, Ph.D., Chief Executive Officer, and Chairman of CRISPR Therapeutics expressed satisfaction with the caliber of both new and existing investors, emphasizing the company’s commitment to advancing its programs and expanding its pipeline to deliver revolutionary gene editing therapies. Dr. Kulkarni underscored the company’s readiness to advance ongoing clinical trials across various therapeutic areas, including oncology, cardiovascular diseases, and diabetes. Moreover, he highlighted plans to expedite autoimmune and in vivo gene writing programs, projecting a catalyst-rich period of 12-18 months for the company. This financing reinforces CRISPR Therapeutics’ robust financial position, facilitating additional value creation and providing flexibility to achieve sustainability without necessitating further capital infusion.
The sale of shares was executed pursuant to an automatically effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (SEC). Additional details pertaining to the offering will be available in a final prospectus supplement to be filed with the SEC and accessible on its website.
It’s important to note that this press release does not constitute an offer to sell or a solicitation of an offer to buy securities. The sale of these securities is subject to registration or qualification under the securities laws of relevant jurisdictions.
CRISPR Therapeutics, established over a decade ago, has evolved from a research-focused entity to a diversified company with a broad portfolio of product candidates spanning multiple disease areas, including hemoglobinopathies, oncology, regenerative medicine, cardiovascular diseases, and rare conditions. Leveraging the Nobel Prize-winning CRISPR technology, the company aims to revolutionize biomedical research and develop a new class of potentially transformative medicines. To advance its efforts, CRISPR Therapeutics has forged strategic partnerships with industry leaders such as Bayer and Vertex Pharmaceuticals. The company operates from Zug, Switzerland, with its wholly-owned U.S. subsidiary based in Boston, Massachusetts, and San Francisco, California, and business offices in London, United Kingdom.
Forward-Looking Statement: This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While CRISPR Therapeutics believes that such statements are based on reasonable assumptions within its knowledge of its business and operations, prospective investors should be aware that forward-looking statements inherently involve uncertainties and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or suggested. These risks and uncertainties are detailed in CRISPR Therapeutics’ filings with the U.S. Securities and Exchange Commission. The company disclaims any obligation to update or revise forward-looking statements contained herein, except as required by law.
