Zenas BioPharma to sell 6.3M shares at $19.00 in private placement

Zenas has entered into a securities purchase agreement for a private placement financing of shares of its common stock. The private placement is expected to result in gross proceeds to Zenas of approximately $120M, before deducting placement agent fees and other private placement expenses payable by Zenas. Pursuant to the terms of the securities purchase agreement, at the closing of the private placement, Zenas will issue approximately 6.3M shares of its common stock to certain institutional and accredited investors at a price of $19.00 per share and certain directors and officers of the company at a price of $20.85 per share. The closing of the private placement is expected to occur on or about October 9, subject to the satisfaction of customary closing conditions. Jefferies and Evercore ISI served as exclusive placement agents for the private placement. The private placement included participation from a syndicate of new and existing investors, including mutual funds and healthcare dedicated funds. Upon closing of the private placement, Zenas expects that its cash, cash equivalents and investments will be sufficient to fund its operating expenses and capital expenditure requirements into the fourth quarter of 2026, and assuming receipt of the potential $75M milestone from Royalty Pharma for the defined success criteria in the Phase 3 INDIGO trial, into the first quarter of 2027.