CRISPR Therapeutics Announces $280 Million Registered Direct Offering
February 13 2024 - 7:30AM
CRISPR Therapeutics (Nasdaq: CRSP), a biopharmaceutical
company focused on creating transformative gene-based medicines for
serious diseases, today announced that it has entered into an
investment agreement for the sale of approximately $280
million of its common shares (the “Shares”) to a select group of
institutional investors in a registered direct offering, at a price
per share of $71.50, representing a premium of greater than 10% to
CRISPR Therapeutics’ 30-day volume-weighted average price. The
financing is expected to close on or about February 27, 2024,
subject to customary closing conditions.
The financing is being led by EcoR1 Capital and
SR One with participation from existing investors and a leading
healthcare specialist investor.
“We are pleased with the quality of the new and
existing long-term investors as we accelerate our programs and
expand our pipeline with the goal of delivering paradigm-shifting
gene editing therapies to patients,” said Samarth Kulkarni, Ph.D.,
Chief Executive Officer and Chairman of CRISPR Therapeutics. “We
are well positioned to execute on our on-going clinical trials in
oncology, cardiovascular and diabetes, and further accelerate our
auto-immune and in vivo gene writing programs, setting up a
catalyst-rich 12-18 months for the company. This financing
bolsters our already strong balance sheet, provides the opportunity
for additional value creation, and gives us the flexibility to
reach sustainability without requiring additional capital.”
The Shares were offered pursuant to an
automatically effective shelf registration statement that was
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) on July 29, 2021 (File No. 333-258274). A final
prospectus supplement containing additional information relating to
the offering, will be filed with the SEC and will be available on
the SEC’s website at www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About CRISPR
TherapeuticsSince its inception over a decade ago, CRISPR
Therapeutics has transformed from a research-stage company
advancing programs in the field of gene editing, to a company with
a diverse portfolio of product candidates across a broad range of
disease areas including hemoglobinopathies, oncology, regenerative
medicine, cardiovascular and rare diseases. The Nobel Prize-winning
CRISPR science has revolutionized biomedical research and
represents a powerful, clinically validated approach with the
potential to create a new class of potentially transformative
medicines. To accelerate and expand its efforts, CRISPR
Therapeutics has established strategic partnerships with leading
companies including Bayer and Vertex Pharmaceuticals. CRISPR
Therapeutics AG is headquartered in Zug, Switzerland, with its
wholly-owned U.S. subsidiary, CRISPR Therapeutics, Inc., and
R&D operations based in Boston, Massachusetts and San
Francisco, California, and business offices in London, United
Kingdom. To learn more, visit www.crisprtx.com.
(CRSP-GEN)
CRISPR Therapeutics Forward-Looking
StatementThis press release may contain a number of
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended, including the
expected closing of the offering. Without limiting the foregoing,
the words “believes,” “anticipates,” “plans,” “expects” and similar
expressions are intended to identify forward-looking statements.
You are cautioned that forward-looking statements are inherently
uncertain. Although CRISPR Therapeutics believes that such
statements are based on reasonable assumptions within the bounds of
its knowledge of its business and operations, existing and
prospective investors are cautioned that forward-looking statements
are inherently uncertain, are neither promises nor guarantees and
not to place undue reliance on such statements, which speak only as
of the date they are made. Actual performance and results may
differ materially from those projected or suggested in the
forward-looking statements due to various risks and uncertainties.
These risks and uncertainties include, among others, those risks
and uncertainties described under the heading “Risk Factors” in
CRISPR Therapeutics’ most recent annual report on Form 10-K,
quarterly report on Form 10-Q, and in any other subsequent filings
made by CRISPR Therapeutics with the U.S. Securities and Exchange
Commission, which are available on the SEC's website at
www.sec.gov. CRISPR Therapeutics disclaims any obligation or
undertaking to update or revise any forward-looking statements
contained in this press release, other than to the extent required
by law.
Investor Contact:Susan
Kim+1-617-307-7503susan.kim@crisprtx.com
Media Contact:Rachel
Eides+1-617-315-4493rachel.eides@crisprtx.com
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