CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Dicerna Pharmaceuticals, Inc. (NASDAQ:DRNA) (the "Company"), a leading
developer of investigational ribonucleic acid interference ("RNAi")
therapeutics, today announced that it has closed its previously
announced stock purchase transaction for the sale of redeemable
convertible preferred stock ("Preferred Stock") to a syndicate of
current and new investors led by Bain Capital Life Sciences, under which
the Company received gross proceeds of $70.0 million.
Under terms of the Preferred Stock purchase agreement, Adam M. Koppel,
M.D., Ph.D., a managing director of Bain Capital Life Sciences, has
joined Dicerna's Board of Directors, which has been expanded to nine
At the closing, Dicerna issued 700,000 shares of Preferred Stock, which
are convertible into common shares at an initial conversion price of
$3.19 per share. Please refer to the Company's Form 8-K, which was filed
with the Securities and Exchange Commission on March 30, 2017, for the
complete terms of the Preferred Stock transaction.
Dicerna intends to use the proceeds from the Preferred Stock transaction
to further develop its GalXC™ pipeline programs, including both
pre-clinical and clinical work, as well as for general corporate
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 THE UNITED
STATES OR ANY STATE THEREOF ABSENT REGISTRATION UNDER THE SECURITIES ACT
AND APPLICABLE STATE SECURITIES LAWS OR AN APPLICABLE EXEMPTION FROM
About Dicerna Pharmaceuticals, Inc.
Dicerna Pharmaceuticals, Inc., is a biopharmaceutical company focused on
the discovery and development of innovative RNAi-based therapeutics for
diseases involving the liver, including rare diseases, chronic liver
diseases, cardiovascular diseases, and viral infectious diseases. The
Company is leveraging its proprietary GalXC™ RNAi technology platform to
build a broad pipeline in these core therapeutic areas, focusing on
target genes where connections between target gene and diseases are well
understood and documented. The Company intends to discover, develop and
commercialize novel therapeutics either on its own or in collaboration
with pharmaceutical partners. For more information, please visit www.dicerna.com.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking statements, including, for
example, statements concerning the anticipated use of proceeds from the
Preferred Stock transaction 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. 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-K
filed with the SEC. Investors should not place undue reliance on
forward-looking statements contained in this press release 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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Rx Communications Group
Van Rees, 973-442-1555 ext. 111
Source: Dicerna Pharmaceuticals, Inc.
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