Editas Medicine Announces Pricing of Offering of Common Stock

Rhea-AI Summary

Editas Medicine, Inc. announces the pricing of an underwritten offering of 12,500,000 shares of its common stock at $10.00 per share, with expected gross proceeds of approximately $125 million.

Positive

• Editas Medicine expects to raise approximately $125 million from the underwritten offering.

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• None.

CAMBRIDGE, Mass., June 14, 2023 (GLOBE NEWSWIRE) -- Editas Medicine, Inc. (Nasdaq: EDIT), a clinical-stage genome editing company, today announced the pricing of an underwritten offering of 12,500,000 shares of its common stock at a public offering price of $10.00 per share, before deducting underwriter discounts and commissions and estimated offering expenses. Gross proceeds from the offering are expected to be approximately $125 million. Editas Medicine has granted the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of common stock on the same terms and conditions. All of the shares in the offering are to be sold by Editas Medicine. The offering is expected to close on or about June 20, 2023, subject to customary closing conditions.

J.P. Morgan Securities LLC, Cowen and Company, LLC, and Evercore Group L.L.C. are acting as joint book-running managers for the offering.

An automatically effective shelf registration statement relating to the shares of common stock offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) on March 1, 2021. The offering is being made only by means of a prospectus and prospectus supplement that form part of the registration statement. A preliminary prospectus relating to and describing the terms of the offering has been filed with the SEC and is available at www.sec.gov. A final prospectus supplement relating to the offering will be filed with the SEC. When available, copies of the final prospectus supplement may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-866-803-9204, or by emailing at prospectus-eq_fi@jpmchase.com; Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by e-mail at Prospectus_ECM@cowen.com or by telephone at (833) 297-2926; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at 888-474-0200, or by email at ecm.prospectus@evercore.com.

This press release does 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 state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Editas Medicine
As a clinical-stage genome editing company, Editas Medicine is focused on translating the power and potential of the CRISPR/Cas12a and Cas9 genome editing systems into a robust pipeline of treatments for people living with serious diseases around the world. Editas Medicine aims to discover, develop, manufacture, and commercialize transformative, durable, precision genomic medicines for a broad class of diseases. Editas Medicine is the exclusive licensee of Broad Institute’s Cas12a patent estate and Broad Institute and Harvard University’s Cas9 patent estates for human medicines.

Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of The Private Securities Litigation Reform Act of 1995 including statements about the anticipated closing of the offering. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: the satisfaction of customary closing conditions related to the public offering and the impact of general economic, industry or political conditions in the United States or internationally; uncertainties inherent in the initiation of preclinical studies and clinical trials and clinical development of the Company’s product candidates; availability and timing of results from preclinical studies and clinical trials; whether interim results from a clinical trial will be predictive of the final results of the trial or the results of future trials; expectations for regulatory approvals to conduct trials or to market products and availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements. These and other risks are described in greater detail under the captions “Risk Factor Summary” and “Risk Factors” included in Editas Medicine’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on February 22, 2023 and in the Company’s subsequent filings with the SEC, the Company’s preliminary prospectus filed with the SEC on June 14, 2023, and other filings the Company may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

FAQ

What is the offering price for Editas Medicine's common stock?

The offering price for Editas Medicine's common stock is $10.00 per share.

How many shares are being offered by Editas Medicine?

Editas Medicine is offering 12,500,000 shares of its common stock.

What are the expected gross proceeds from the offering?

The expected gross proceeds from the offering are approximately $125 million.

Who are the underwriters for the offering?

J.P. Morgan Securities LLC, Cowen and Company, LLC, and Evercore Group L.L.C. are acting as joint book-running managers for the offering.

When is the expected closing date of the offering?

The offering is expected to close on or about June 20, 2023, subject to customary closing conditions.

How can I obtain a copy of the final prospectus supplement?

When available, copies of the final prospectus supplement may be obtained by contacting J.P. Morgan Securities LLC, Cowen and Company, LLC, or Evercore Group L.L.C.