Precigen Announces Closing of Public Offering of Common Stock and Full Exercise of Option to Purchase Additional Shares

Rhea-AI Summary

Precigen (Nasdaq: PGEN) announced the successful closing of its public offering of common stock, selling 17,250,000 shares at $7.50 each, including an exercised option for 2,250,000 shares. The offering generated approximately $129.4 million in gross proceeds before expenses. Wells Fargo Securities and Stifel served as joint book-running managers, and the offering was made under an effective shelf registration statement. Precigen aims to advance gene and cell therapies in immuno-oncology and other areas.

Positive

• Gross proceeds of approximately $129.4 million from the public offering.
• Capital raised will support ongoing innovative therapies in gene and cell treatments.

Negative

• Dilution of existing shareholders due to the issuance of new shares.

GERMANTOWN, Md., Jan. 26, 2021 /PRNewswire/ -- Precigen, Inc. (Nasdaq: PGEN) announced today the closing of its previously announced underwritten public offering of common stock. Precigen sold 17,250,000 shares of its common stock at a public offering price of $7.50 per share, including the exercise in full by the underwriters of their option to purchase an additional 2,250,000 shares of common stock. Gross proceeds to Precigen from the offering were approximately $129.4 million before deducting the underwriting discount and other offering expenses payable by Precigen.

Wells Fargo Securities and Stifel acted as joint book-running managers for the offering. JMP Securities acted as lead manager and H.C. Wainwright & Co. 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 Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, NY 10001,  by telephone at (800) 326-5897, or by email at cmclientsupport@wellsfargo.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.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.

Precigen: Advancing Medicine with Precision^™
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. Our 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, including risks and uncertainties associated with 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.

For more information, contact:
Investor Contact:	Media Contact:
Steven Harasym	Glenn Silver
Vice President, Investor Relations	Lazar-FINN Partners
Tel: +1 (301) 556-9850	glenn.silver@finnpartners.com
investors@precigen.com

 

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SOURCE Precigen, Inc.

FAQ

What was the number of shares sold in Precigen's recent offering?

Precigen sold 17,250,000 shares of its common stock in the recent offering.

How much gross revenue did Precigen generate from the public offering?

The offering generated approximately $129.4 million in gross revenue.

Who managed Precigen's public stock offering?

Wells Fargo Securities and Stifel acted as joint book-running managers for the offering.

What was the public offering price per share for Precigen?

The public offering price was set at $7.50 per share.

When was the offering concluded?

The offering was announced and concluded on January 26, 2021.