enGene Secures $200 Million in Private Placement Financing
February 20, 2024, 11:59 am
enGene Holdings Inc. (Nasdaq: ENGN) successfully closes a $200 million private placement financing, paving the way for continued development of its genetic medicine therapeutic candidate, EG-70.
enGene Holdings Inc., a genetic medicines company, recently announced the successful completion of a private placement financing round, raising a whopping $200 million. This oversubscribed financing included both new and existing investors, showcasing strong support for enGene's mission and potential.
The financing round saw the sale of 20 million common shares at a price per share of $10.00, representing a significant 31% premium over the previous day's closing price. This influx of capital is expected to fuel the ongoing development of EG-70, enGene's lead genetic medicine therapeutic candidate currently undergoing a pivotal study for BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).
Notable participants in the financing round included prominent names such as Adage Capital Partners, LP, Blue Owl Healthcare Opportunities, and Venrock Healthcare Capital Partners, among others. The involvement of these investors underscores the confidence in enGene's innovative approach to genetic medicines.
The proceeds from this financing will be allocated towards various initiatives, including the continued development of EG-70, exploration of expanded development opportunities, potential new research and development programs, as well as general corporate purposes. With the combination of the funds raised and existing cash reserves, enGene is well-positioned to support its current operating plan through 2027.
The successful completion of this financing round highlights the growing interest and support for enGene's genetic medicine platform and its potential to address unmet medical needs. With a strong financial foundation in place, enGene is poised to advance its mission of mainstreaming genetic medicines through innovative delivery mechanisms.
In conclusion, enGene's $200 million private placement financing marks a significant milestone for the company, providing the necessary resources to drive forward its genetic medicine programs and make a meaningful impact in the field of healthcare.
enGene Holdings Inc., a genetic medicines company, recently announced the successful completion of a private placement financing round, raising a whopping $200 million. This oversubscribed financing included both new and existing investors, showcasing strong support for enGene's mission and potential.
The financing round saw the sale of 20 million common shares at a price per share of $10.00, representing a significant 31% premium over the previous day's closing price. This influx of capital is expected to fuel the ongoing development of EG-70, enGene's lead genetic medicine therapeutic candidate currently undergoing a pivotal study for BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).
Notable participants in the financing round included prominent names such as Adage Capital Partners, LP, Blue Owl Healthcare Opportunities, and Venrock Healthcare Capital Partners, among others. The involvement of these investors underscores the confidence in enGene's innovative approach to genetic medicines.
The proceeds from this financing will be allocated towards various initiatives, including the continued development of EG-70, exploration of expanded development opportunities, potential new research and development programs, as well as general corporate purposes. With the combination of the funds raised and existing cash reserves, enGene is well-positioned to support its current operating plan through 2027.
The successful completion of this financing round highlights the growing interest and support for enGene's genetic medicine platform and its potential to address unmet medical needs. With a strong financial foundation in place, enGene is poised to advance its mission of mainstreaming genetic medicines through innovative delivery mechanisms.
In conclusion, enGene's $200 million private placement financing marks a significant milestone for the company, providing the necessary resources to drive forward its genetic medicine programs and make a meaningful impact in the field of healthcare.