RICHMOND, Calif. - Sangamo Therapeutics, Inc. (NASDAQ: SGMO), a genomic medicine company, has reached an agreement with institutional investors for the sale of common stock and warrants that is expected to generate gross proceeds of approximately $24 million.
The transaction, which involves the sale of nearly 24.8 million shares and pre-funded warrants for about 3.8 million shares, along with accompanying warrants to purchase up to roughly 28.6 million shares, is scheduled to close around March 26, 2024, subject to standard closing conditions.
Each share of common stock and accompanying warrant is being sold at a combined offering price of $0.84, while each pre-funded warrant and accompanying warrant is priced at $0.83. The warrants will be exercisable six months post-issuance, with an expiration date five and a half years from the date of issuance and an exercise price set at $1.00 per share.
Sangamo intends to use the net proceeds from this offering to support the development of its genomic medicines pipeline focusing on neurological diseases, advance its novel adeno-associated virus (AAV) capsid delivery technology, and for other general corporate purposes.
The offering is made possible through a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (SEC), which was declared effective prior to the sale. Barclays and Cantor are acting as placement agents for the offering. The sale is conducted by prospectus, with a final prospectus supplement and accompanying prospectus to be filed with the SEC.
This announcement aligns with Sangamo's commitment to developing treatments for serious neurological diseases for which there are inadequate or no existing treatment options. The company's technology includes zinc finger epigenetic regulators and a capsid discovery platform that aims to improve delivery mechanisms, including those targeting the central nervous system.
The information provided is based on a press release statement from Sangamo Therapeutics, Inc.
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