Richmond, Calif.-based Sangamo Therapeutics Inc (NASDAQ: SGMO) reported a proposed a common stock offering of 11 million shares at $11.50 per share.
All of the shares are being sold by Sangamo. The gross proceeds to Sangamo from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be approximately $126.5 million.
The offering is expected to close on or about April 8, subject to customary closing conditions. In addition, Sangamo has granted the underwriters of the offering a 30-day option to purchase up to an additional 1,650,000 shares of its common stock at the public offering price, less the underwriting discounts and commissions.
Sangamo, according to a news release announcing the offering, anticipates using the net proceeds from the offering for working capital and other general corporate purposes, including support for its own and its partnered gene therapy, genome editing, cell therapy and gene regulation product candidates and research programs, its manufacturing facilities and other business development activities.
Earlier this week, Sangamo joined with Pfizer (NYSE: PFE), to announce hopeful interim data from a test of gene therapy for severe hemophilia A.
Sangamo, this morning’s release goes on to say, is focused on translating ground-breaking science into genomic medicines with the potential to transform patients' lives using gene therapy, ex-vivo gene-edited cell therapy, in vivo genome editing, and gene regulation.
Shares tumbled $1.21, or 9.3%, to $11.82
