Maze Therapeutics, Inc. (NASDAQ: MAZE) shares rose sharply Thursday. The San Francisco-based Maze, a clinical-stage biopharmaceutical company developing small molecule precision medicines for patients with kidney and metabolic diseases, today announced it has entered into a securities purchase agreement for an oversubscribed private placement of its securities for gross proceeds of approximately $150.0 million, before deducting placement agent fees and other expenses.
The private placement includes participation from both new and existing investors including Frazier Life Sciences, Deep Track Capital, Driehaus Capital Management, Janus Henderson Investors, Logos Capital, TCGX, and Venrock Healthcare Capital Partners, as well as other healthcare dedicated funds.
The private placement will be for 4,000,002 shares of common stock at a price of $16.25 per share, representing a premium to the last closing price. In lieu of common stock, certain
investors purchased 5,231,090 pre-funded warrants at a purchase price of $16.249 per pre-funded warrant, which equals the purchase price per share of common stock, less the $0.001 per share exercise price of each pre-funded warrant.
The pre-funded warrants are exercisable at any time after their original issuance and will not expire.
The private placement is expected to close on Friday, Sept. 12, subject to the satisfaction of customary closing conditions.
Shares in MAZE popped $8.32, or 51.9%, to $24.34.
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