Indication intelligence, analysis and sector perception

Precigen (PGEN) $75 M offering priced at $1.75

January 25, 2023 10:55am

PGEN closed up (Tuesday) +$0.02 to $2.19 with a market response to the S-3 of -$0.60 or -27.625% to $1.59

Also granted the underwriters a 30-day option to purchase up to an additional $11.25 M of its common stock.

J.P. Morgan Securities LLC is acting as the lead book-running manager for the offering. Cantor Fitzgerald & Co. is also acting as book-running manager. JMP Securities, a Citizens company, is acting as lead manager and H.C. Wainwright & Co., LLC is acting as co-manager.

The Bottom Line: how long until a PGEN gets beyond a P1-RRP (recurrent respiratory papillomatosis) and P2 enrolling – how long?

52-week low of $1.12 and a high of $3.00

52-week change: -25.17%

Outstanding shares: 208.15 M

Float: 98.59 M

Cash Position: $71.33 M

Debt: $91.05 M

Operating cash Flow: -64.24 M

Revenue: $118.44 M

Short percentage (%) of Float: 5.61%

For the record: RRP is a rare disease with no cure. The current standard-of-care is repeated surgery to treat symptoms, which exposes patients to surgical risks, emotional distress and poses a significant economic burden to families and the healthcare system overall.

· Surgeries are not curative and recurrence of papilloma after surgical removal is very common and repeated procedures are required to debulk and monitor the disease, which exposes patients to anesthetic and surgical risks, and emotional distress. Patients with aggressive RRP can undergo hundreds of lifetime surgeries to control their disease.5 RRP morbidity and mortality results from the effects of papilloma mass on the vocal cords, trachea, and lungs, which may cause voice changes, stridor, airway occlusion, loss of lung volume, and/or post-obstructive pneumonia.

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