Precigen Announces Closing of Public Offering of Common Stock

Rhea-AI Summary

Precigen, Inc. (Nasdaq: PGEN) has successfully closed its underwritten public offering of 42,857,143 shares of common stock at a price of $1.75 per share. The offering generated gross proceeds of approximately $75.0 million before expenses. J.P. Morgan Securities LLC and Cantor Fitzgerald & Co. were the lead managers. The offering was made under an effective shelf registration statement filed with the SEC. Precigen focuses on advancing gene and cell therapies targeting various diseases, including cancer and autoimmune disorders, emphasizing the development of affordable biotherapeutics.

Positive

• Generated approximately $75.0 million in gross proceeds from the stock offering.
• Increased capital available for the ongoing development of gene and cell therapies.

Negative

• Issuance of new shares may lead to dilution of existing shareholders' equity.

GERMANTOWN, Md., Jan. 27, 2023 /PRNewswire/ -- Precigen, Inc. (Nasdaq: PGEN) announced today the closing of its previously announced underwritten public offering of common stock. Precigen sold 42,857,143 shares of its common stock at a public offering price of $1.75 per share. Gross proceeds to Precigen from the offering were approximately $75.0 million before deducting the underwriting discount and other offering expenses payable by Precigen.

J.P. Morgan Securities LLC acted as the lead book-running manager for the offering. Cantor Fitzgerald & Co. also acted as book-running manager. JMP Securities, a Citizens Company, acted as lead manager and H.C. Wainwright & Co., LLC acted as co-manager for the offering.

The public offering was made pursuant to a shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC) and became effective on July 2, 2020. A final prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the website of the SEC at www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus relating to the offering may also be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing at prospectus-eq_fi@jpmchase.com. 

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Precigen

Precigen (Nasdaq: PGEN) is a dedicated discovery and clinical stage biopharmaceutical company advancing the next generation of gene and cell therapies using precision technology to target the most urgent and intractable diseases in our core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. Precigen's technologies are designed to enable us to find innovative solutions for affordable biotherapeutics in a controlled manner. Precigen operates as an innovation engine progressing a preclinical and clinical pipeline of well-differentiated unique therapies toward clinical proof-of-concept and commercialization.

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements made in this press release are forward-looking statements. These forward-looking statements are based upon Precigen's current expectations and projections about future events. Various factors may cause differences between Precigen's expectations and actual results. These risks and uncertainties include, without limitation, risks and uncertainties related to market conditions. For further information on potential risks and uncertainties, and other important factors, any of which could cause Precigen's actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Precigen's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.

Investor Contact:
Steven M. Harasym
Vice President, Investor Relations
Tel: +1 (301) 556-9850
investors@precigen.com

Media Contacts:
Donelle M. Gregory
press@precigen.com

Glenn Silver
Lazar-FINN Partners
glenn.silver@finnpartners.com

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SOURCE Precigen, Inc.

FAQ

What details are available about Precigen's recent public offering?

Precigen closed its public offering of 42,857,143 shares at $1.75 per share, raising approximately $75.0 million.

Who managed the public offering for Precigen?

J.P. Morgan Securities LLC and Cantor Fitzgerald & Co. acted as lead managers for the offering.

What is the intended use of funds from the public offering by Precigen?

The funds are intended to support the ongoing development of gene and cell therapies.

How might the public offering impact Precigen's stock value?

The public offering could dilute existing shareholders' equity, potentially impacting stock value negatively.