Karyopharm Therapeutics announced that it has entered into a securities purchase agreement with certain institutional investors for a private placement that is expected to result in gross proceeds of approximately $165M before deducting any offering related expenses. The private placement was led by Avidity Partners, with participation by existing stockholders and new investors including Adage Capital Partners LP, Armistice Capital, Healthcor Management LP, Heights Capital Management, Marshall Wace, Rubric Capital Management LP, SilverArc Capital and Surveyor Capital. In the private placement, the Company agreed to sell 31,791,908 shares of common stock at a price of $5.19 per share and to issue accompanying warrants to purchase 9,537,563 shares of common stock with an exercise price of $6.36 per share. The warrants will be exercisable at any time after they are issued and prior to the fifth anniversary of the closing date. The private placement is expected to close on or about December 7, 2022, subject to the satisfaction of customary closing conditions. The private placement is being conducted in accordance with applicable Nasdaq rules and was priced to satisfy the "Minimum Price" requirement. Jefferies, Piper Sandler and Barclays are acting as lead placement agents. Baird and H.C. Wainwright & Co. are acting as co-placement agents in the private placement. Karyopharm expects to use the proceeds from the private placement, together with its existing cash, cash equivalents and investments, for the advancement of the company’s clinical development programs with selinexor and eltanexor as well as for working capital and other general corporate purposes.
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