Solid Biosciences Announces Successful Private Placement
Solid Biosciences, a leading biotech company, has experienced a significant increase in its shares following the announcement of a successful securities purchase agreement with a group of institutional accredited investors. The private placement, which amounts to a total of $108.9 million, has propelled the company's shares up by 27% to reach $7.04.
Impressively, Solid Biosciences' stock reached its highest point in the past year at $9.04 during the trading session, highlighting the positive market response to this development. With a 17% increase in the past 12 months, investors have shown a strong interest in the company's prospects.
Under the terms of the agreement, Solid Biosciences will sell 17 million shares at a price of $5.53 per share. Additionally, pre-funded warrants will be made available, allowing investors to purchase up to 2.7 million shares at a price of $5.529 per pre-funded warrant.
The company expects the private placement to be finalized on or around Thursday, following all relevant regulations defined by the Nasdaq rules. The pricing of the placement ensures compliance with the "minimum price" requirement.
Notably, the private placement comprises both new and existing investors, including renowned institutions such as Perceptive Advisors, Adage Capital Partners LP, Deerfield Management Company, Invus, Janus Henderson Investors, Vestal Point Capital, LP, Bain Capital Life Sciences, RA Capital Management, and an undisclosed life sciences investor.
The significant capital raised through this private placement will be allocated towards funding ongoing pipeline development programs, advancing business development activities, and supporting working capital and other general corporate purposes.
Solid Biosciences is poised to leverage this financial boost to further strengthen its position in the biotech industry and pursue its ambitious growth plans.
For more information: Chris Wack
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