Benitec Biopharma announces $40M oversubscribed private placement financing

Benitec Biopharma announced a $40M private investment in public equity financing from the sale of 5,749,152 shares of its common stock at a price per share of $4.80, and, in lieu of shares of common stock, pre-funded warrants to purchase up to an aggregate of 2,584,239 shares of its common stock at a price per pre-funded warrant of $4.7999, to certain institutional accredited investors. The oversubscribed financing was led by Suvretta Capital Management, with participation from new and existing investors including Adage Capital Partners L.P., Nantahala Capital, multiple healthcare-focused funds, and a leading mutual fund. Gross proceeds from the PIPE financing total approximately $40.0 million, before deducting offering expenses. The closing price of the Company’s common stock on April 17, 2024 was $4.80. The Company intends to use the net proceeds from the PIPE financing to fund the clinical development and related commercialization of BB-301, including the natural history lead-in study and the Phase 1b/2a BB-301 treatment study, and for general corporate purposes. The closing of the PIPE financing is subject to customary closing conditions and is expected to occur by April 22, 2024. Leerink Partners and Citizens JMP are acting as placement agents for the PIPE financing. In connection with the PIPE financing, the Company has agreed with long-term investor Suvretta Capital, who is leading the PIPE, to consider Kishen Mehta, a portfolio manager at Suvretta Capital, for appointment to the Company’s board of directors.