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RegMed Investors (RMi) Research Note: Solid Biosciences (SLDB) Announces $109 Million Private Placement

January 8, 2024 7:33am

SLDB closed Friday at +$0.02 with a +$0.11 or +1.99% pre-open indication

SLDB expects to close on or about 1/11/24

The private placement includes new and existing investors, including Perceptive Advisors, Adage Capital Partners LP, Deerfield Management Company, Invus, Janus Henderson Investors, Vestal Point Capital, LP, Bain Capital Life Sciences, RA Capital Management and an undisclosed life sciences investor, among others.

Citigroup and Cantor acted as joint lead placement agents

The Bottom Line: In the private placement, SLDB is selling 16,973,103 shares of common stock at a price of $5.53 per share and, in lieu of common stock, pre-funded warrants to purchase up to 2,712,478 shares of common stock at a price of $5.529 per pre-funded warrant.

Each pre-funded warrant will have an exercise price of $0.001 per share, will be exercisable immediately and will be exercisable until exercised in full.

SLDB expects to use net proceeds from the private placement to fund ongoing pipeline development programs, business development activities, and for working capital and other general corporate purposes.

SLDB expects to close on or about 1/11/24

35 companies, 1 interpreter!

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