Precigen Announces Proposed $75.0 Million Public Offering of Common Stock

Rhea-AI Summary

Precigen, Inc. (Nasdaq: PGEN) has announced a public offering of $75 million of its common stock, with an additional $11.25 million available through underwriters' options. This offering, subject to market conditions, involves all shares being sold by the company. J.P. Morgan Securities LLC is the lead manager for this offering, with support from Cantor Fitzgerald & Co. and others. The offering is made under a shelf registration statement that became effective on July 2, 2020. Precigen's mission involves advancing gene and cell therapies for urgent diseases. The company emphasizes that the completion of the offering is uncertain.

Positive

• Offering size of $75 million could provide vital funding for business operations and growth.
• Potential additional funds of $11.25 million from underwriters' options.

Negative

• Offering may lead to shareholder dilution if additional shares are issued.
• Uncertainty regarding market conditions could affect the completion and terms of the offering.

GERMANTOWN, Md., Jan. 24, 2023 /PRNewswire/ -- Precigen, Inc. (Nasdaq: PGEN) today announced it has commenced an underwritten public offering of $75.0 million of its common stock. In addition, Precigen intends to grant the underwriters a 30-day option to purchase up to an additional $11.25 million of its common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the size or terms of the offering. All of the shares in the proposed offering are to be sold by Precigen.

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

The public offering will be 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 preliminary prospectus supplement and accompanying base prospectus relating to and describing the terms of the offering will be filed with the SEC and will be on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplement and base prospectus relating to this offering may be obtained, when available, 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. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

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, including the proposed public offering. 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 and satisfaction of customary closing conditions related to the proposed public offering. There can be no assurance that Precigen will be able to complete the proposed public offering on the anticipated terms, or at all. 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 is the amount of the public offering by Precigen (PGEN)?

Precigen has announced a public offering of $75 million of its common stock.

What is the purpose of the $75 million public offering by Precigen (PGEN)?

The funds from the public offering are intended to support the company's operational and growth initiatives.

What is the additional offering option for Precigen (PGEN)?

Precigen intends to grant underwriters a 30-day option to purchase up to an additional $11.25 million of its common stock.

Who is managing the public offering for Precigen (PGEN)?

J.P. Morgan Securities LLC is acting as the lead book-running manager for the offering.

When was the registration statement for Precigen's (PGEN) offering effective?

The shelf registration statement for the offering became effective on July 2, 2020.