Benitec Biopharma Announces Oversubscribed Private Placement Financing of $40.0 Million
HAYWARD, Calif., April 18, 2024 (GLOBE NEWSWIRE) — Benitec Biopharma Inc. (NASDAQ:BNTC) (“Benitec” or the “Company”), a clinical-stage, gene therapy-focused, biotechnology company developing novel genetic medicines based on its proprietary “Silence and Replace” DNA-directed RNA interference (“ddRNAi”) platform, today announced a $40.0 million private investment in public equity (PIPE) financing from the sale of 5,749,152 shares of its common stock at a price per share of $4.80, and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 2,584,239 shares of its common stock at a price per pre-funded warrant of $4.7999, to certain institutional accredited investors. The oversubscribed financing was led by Suvretta Capital Management, LLC (“Suvretta Capital”) with participation from new and existing investors including Adage Capital Partners L.P., Nantahala Capital, multiple healthcare-focused funds, and a leading mutual fund. Gross proceeds from the PIPE financing total approximately $40.0 million, before deducting offering expenses. The closing price of the Company’s common stock on April 17, 2024 was $4.80.