Provides Sufficient Cash into 2019
Under the terms of the stock purchase agreement, upon closing of the
Preferred Stock transaction,
The Company intends to use the proceeds from the offering to further
develop its GalXC™ pipeline programs, including both pre-clinical and
clinical work, as well as for general corporate purposes. The
transaction is expected to close on or before
"We are pleased to announce this convertible preferred stock offering, led by new investor Bain Capital Life Sciences, who, together with a number of other new investors, are contributing more than half of this raise. We are also pleased with the continued support of our existing investors who chose to participate in this round," said Douglas M. Fambrough, Ph.D., president and chief executive officer of Dicerna. "This financing will significantly strengthen our balance sheet and will provide the capital we need to continue to execute our business strategy and advance development of our RNAi therapeutic candidates through value-creating inflection points in 2018 and 2019."
"With a committed and focused management team and a next generation
platform for RNAi therapeutics, Dicerna is well-positioned to advance
several projects in the coming years," said
The Preferred Stock will be convertible into common shares at a
conversion price of
The Company has agreed to grant the investors certain registration rights with respect to the common stock underlying the Preferred Stock.
Please refer to the Company's Form 8-K to be filed with the
THIS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF
AN OFFER TO BUY ANY SECURITY. THE SHARES OFFERED HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD IN
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking statements, including, for example, statements concerning the completion, timing and size of the offering, the anticipated use of proceeds from the offering and other statements that are other than statements of historical facts. These forward-looking statements involve significant risks and uncertainties. These statements reflect the Company's current expectations concerning future events, actual events could differ materially from those anticipated as a result of many factors, including, but not limited to, the risks that the offering may be delayed or may not occur due to market or other conditions and the satisfaction of customary closing conditions related to the offering. Additional information concerning these and other factors that may cause actual events to differ materially from those anticipated is contained in the "Risk Factors" section of our most recent Form 10-Q filing and in other periodic reports and filings with the SEC. Investors should not place undue reliance on forward-looking statements contained in this Current Report or elsewhere. All forward-looking statements contained in this press release are based on information currently available to the Company, and the company undertakes no obligation to revise or update them to reflect events or circumstances after the date of this release.
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