SYDNEY, Feb. 24, 2014 /PRNewswire/ -- Benitec Biopharma
Limited (ASX: BLT), today announced it has completed a private
placement of up to approximately 29.4 million of the company's
ordinary shares at a price of AUD $1.07 per ordinary share, raising up to
approximately AUD $31.5 million from
international institutional investors who include U.S.-based RA
Capital Management, Perceptive Advisors, Special Situations Funds
and Sabby Management. In connection with the purchase of ordinary
shares, Benitec agreed to issue the investors free attaching
options to purchase up to an additional 13.2 million ordinary
shares at an exercise price of AUD $1.26 per ordinary share, to expire in
five-years.
The placement was managed by US investment bank Maxim Group LLC
and Lodge Corporate Pty Ltd in Australia.
Proceeds from the private placement will be used to accelerate
clinical development of Benitec's lead compound TT-034, a potential
"single shot" treatment for hepatitis C. Funds will also be
used to advance other programs in the company's pipeline, with a
particular emphasis on the lung cancer, age-related macular
degeneration, and hepatitis B programs.
Peter French, Benitec Biopharma's
CEO and Managing Director, stated, "Having recently received
clearance to commence clinical trials with our first ddRNAi drug
candidate, TT-034, Benitec is poised for significant growth.
We are therefore pleased to announce this financing, led by new
investors in United States that
clearly recognize the potential of our ddRNAi technology and
pipeline. We look forward to creating additional value for
our company by using these funds to advance our lead hepatitis C
program through Phase 2b, as well as move other select programs
into clinical stage development."
The Placement is expected to occur in two stages:
- Approximately 14.7 million ordinary shares, which represent a
total of approximately AUD $15.7
million and approximately 6.6 million options, and which can
be issued without shareholder approval, are anticipated to be
issued on or about Friday, February 28,
2014, following receipt of funds; and
- Approximately 14.7 million ordinary shares, also representing a
total of approximately AUD $15.7
million and approximately 6.6 million options, to be issued
subject to Benitec receiving shareholder approval at a general
meeting, which is expected to be held in or about the week
commencing April 7, 2014.
About Benitec Biopharma Limited
Benitec
Biopharma Limited is an ASX-listed biotechnology company (ASX:BLT)
based in Sydney Australia. The
company has a pipeline of in-house and partnered therapeutic
programs based on its patented gene-silencing technology, ddRNAi.
Benitec is developing treatments for chronic and life-threatening
human conditions such as hepatitis C, hepatitis B, wet age-related
macular degeneration, cancer-associate pain, drug resistant lung
cancer and oculopharyngeal muscular dystrophy based on this
technology. In addition, Benitec has licensed ddRNAi technology to
other biopharmaceutical companies who are progressing their
programs towards the clinic for applications including HIV/AIDS,
retinitis pigmentosa and Huntington's disease. For more information
on Benitec refer to the Company's website at www.benitec.com.
Forward Looking Statements
This announcement
contains certain 'forward-looking statements' within the meaning of
the securities laws of applicable jurisdictions. Forward-looking
statements can generally be identified by the use of
forward-looking words such as 'may', 'should', 'expect',
'anticipate', 'estimate', 'scheduled' or 'continue' or the negative
thereof or comparable terminology. Any forecasts or other forward
looking statements contained in this announcement are subject to
known and unknown risks and uncertainties and may involve
significant elements of subjective judgment and assumptions as to
future events which may or may not be correct. There are usually
differences between forecast and actual results because events and
actual circumstances frequently do not occur as forecast and these
differences may be material. Benitec does not give any
representation, assurance or guarantee that the occurrence of the
events expressed or implied in any forward-looking statements in
this announcement will actually occur and you are cautioned not to
place undue reliance on forward-looking statements.
Contacts:
Company: Carl
Stubbings | Chief Business Officer | Tel: +61
(2) 9555 6986
Email: cstubbings@benitec.com
U.S. Investor Relations: Joshua Drumm, Ph.D. | Tiberend Strategic
Advisors, Inc |
Tel: (212) 375-2664 | Email:
jdrumm@tiberend.com
SOURCE Benitec Biopharma
