Sangamo Therapeutics Announces Pricing of $24.0 Million Registered Direct Offering
March 22 2024 - 8:05AM
Business Wire
Sangamo Therapeutics, Inc. (Nasdaq: SGMO), a genomic medicine
company, today announced that it has entered into a securities
purchase agreement with institutional investors, providing for the
purchase and sale of an aggregate of 24,761,905 shares of its
common stock and pre-funded warrants to purchase up to an aggregate
of 3,809,523 shares of common stock, together with accompanying
warrants to purchase up to an aggregate of 28,571,428 shares of
common stock. The combined offering price of each share of common
stock and accompanying warrant is $0.84, priced at-the-market under
Nasdaq rules. The combined offering price of each pre-funded
warrant and accompanying warrant is $0.83. The warrants will become
exercisable six months from issuance, expire five and a half years
from the issuance date and have an exercise price of $1.00 per
share.
The gross proceeds to Sangamo from the offering, before
deducting the placement agents’ fees and other offering expenses,
are expected to be approximately $24.0 million. The offering is
expected to close on or about March 26, 2024, subject to customary
closing conditions. Sangamo anticipates using the net proceeds from
the offering to fund the development of neurology-focused genomic
medicines pipeline, novel AAV capsid delivery technology and other
general corporate purposes.
Barclays and Cantor are acting as placement agents for the
offering.
A shelf registration statement on Form S-3 relating to the
offering of the securities described above was previously filed
with the Securities and Exchange Commission (SEC) and subsequently
declared effective by the SEC. The offering is being made solely by
means of a prospectus. A final prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC and will be available on the SEC’s website located at
http://www.sec.gov. A copy of the final prospectus supplement and
accompanying prospectus relating to the offering, when available,
may be obtained by investors for free from: Barclays Capital Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717, by email at
barclaysprospectus@broadridge.com or telephone at 1-888-603-5847
and Cantor Fitzgerald & Co., Attention: Capital Markets, 110
East 59th Street, 6th floor, New York, New York 10022; by email at
prospectus@cantor.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 Sangamo Therapeutics
Sangamo Therapeutics is a genomic medicine company dedicated to
translating ground-breaking science into medicines that transform
the lives of patients and families afflicted with serious
neurological diseases who do not have adequate or any treatment
options. Sangamo’s zinc finger epigenetic regulators are ideally
suited to potentially address devastating neurological disorders
and Sangamo’s capsid discovery platform is expanding delivery
beyond currently available intrathecal delivery capsids, including
in the central nervous system. Sangamo’s pipeline also includes
multiple partnered programs and programs with opportunities for
partnership and investment.
Forward Looking Statements
This press release contains forward-looking statements regarding
Sangamo's current expectations. These forward-looking statements
include, without limitation, references to Sangamo's expectations
regarding the completion of the offering and its anticipated use of
net proceeds from the offering. These statements are not guarantees
of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict.
Factors that could cause actual results to differ include, but are
not limited to, risks and uncertainties related to completion of
the offering on the anticipated terms or at all; the effects of
macroeconomic factors or financial challenges, including as a
result of the ongoing overseas conflict, current or potential
future bank failures, inflation and rising interest rates, on the
global business environment, healthcare systems and business and
operations of Sangamo and its collaborators, including the
initiation and operation of clinical trials; and the satisfaction
of customary closing conditions related to the offering. These and
other risks and uncertainties are described more fully in the
section captioned "Risk Factors" in the final prospectus supplement
related to the offering to be filed with the Securities and
Exchange Commission as well as Sangamo's Annual Report on Form 10-K
for the year ended December 31, 2023 filed with the Securities and
Exchange Commission on March 13, 2024 and other filings.
Forward-looking statements contained in this announcement are made
as of this date, and Sangamo undertakes no duty to update such
information except as required under applicable law.
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Investor & Media Inquiries Louise Wilkie ir@sangamo.com
media@sangamo.com
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