Lexeo Therapeutics Announces Closing of Oversubscribed $95.0 Million Equity Financing
13 Marzo 2024 - 9:22PM
Lexeo Therapeutics, Inc. (Nasdaq: LXEO), a clinical stage genetic
medicine company dedicated to pioneering treatments for genetically
defined cardiovascular diseases and APOE4-associated Alzheimer’s
disease, today announced the closing of its previously announced
private placement. The financing was co-led by Braidwell LP and
Adage Capital Partners LP with participation from new and existing
investors including RA Capital Management, Surveyor Capital (a
Citadel company), Eventide Asset Management, Novo Holdings A/S,
Invus, Laurion Capital Management, Longitude Capital, Omega Funds
and Woodline Partners LP for total gross proceeds of approximately
$95.0 million.
Lexeo sold 6,278,905 shares of its common stock (“Common Stock”)
in a private placement exempt from the registration requirements of
the Securities Act of 1933, as amended (the “Securities Act”), at a
sale price equal to $15.13 per share.
J.P. Morgan and Leerink Partners acted as co-lead placement
agents for the transaction. Stifel also acted as co-placement
agent.
Lexeo intends to use net proceeds from the financing to fund
advancement of ongoing clinical stage programs, and for working
capital and general corporate purposes. The proceeds from this
financing, combined with current cash, cash equivalents and
marketable securities, are expected to fund operating and capital
expenditures into 2027.
The common stock sold in the private placement has not been
registered under the Securities Act, or any state or other
applicable jurisdiction’s securities laws and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act
and applicable state or other jurisdictions’ securities laws. In
connection with the private placement, Lexeo and the investors
entered into a registration rights agreement pursuant to which
Lexeo will file a registration statement (the “Resale Registration
Statement”) with the U.S. Securities and Exchange Commission (the
“SEC”) registering the resale of the shares sold in the private
placement. Any offering of the shares sold in the private placement
under the Resale Registration Statement will only be made by means
of a prospectus.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the Company’s Common Stock, nor
shall there be any offer, solicitation, or sale of the Company’s
Common Stock in any jurisdiction in which such offer, solicitation
or sale would be unlawful.
The private placement was conducted in accordance with
applicable Nasdaq rules and was priced to satisfy the “Minimum
Price” requirement (as defined in the Nasdaq rules).
About Lexeo Therapeutics Lexeo
Therapeutics is a New York City-based, clinical stage genetic
medicine company dedicated to transforming healthcare by applying
pioneering science to fundamentally change how genetically defined
cardiovascular diseases and APOE4-associated Alzheimer’s disease
are treated. Using a stepwise development approach, Lexeo is
leveraging early proof-of-concept functional and biomarker data to
advance a pipeline of cardiovascular and APOE4-associated
Alzheimer’s disease programs.
Cautionary Note Regarding Forward-Looking
StatementsCertain statements in this press release may
constitute “forward-looking statements” within the meaning of the
federal securities laws, including, but not limited to, our
expectations and plans regarding our current product candidates and
programs, including statements regarding the anticipated use of
proceeds from the private placement, the filing of a registration
statement or final prospectus, as applicable, to register the
resale of the shares of Common Stock issued and sold in the private
placement, the Company’s anticipated cash runway, and other
information that is not historical information. Words such as
“may,” “might,” “will,” “objective,” “intend,” “should,” “could,”
“can,” “would,” “expect,” “believe,” “design,” “estimate,”
“predict,” “potential,” “develop,” “plan” or the negative of these
terms, and similar expressions, or statements regarding intent,
belief, or current expectations, are forward-looking statements.
While Lexeo believes these forward-looking statements are
reasonable, undue reliance should not be placed on any such
forward-looking statements. These forward-looking statements are
based upon current information available to the company as well as
certain estimates and assumptions and are subject to various risks
and uncertainties (including, without limitation, those set forth
in Lexeo’s filings with the SEC), many of which are beyond the
company’s control and subject to change. Actual results could be
materially different from those indicated by such forward looking
statements as a result of many factors, including but not limited
to: risks and uncertainties related to global macroeconomic
conditions and related volatility; expectations regarding the
initiation, progress, and expected results of Lexeo’s preclinical
studies, clinical trials and research and development programs; the
unpredictable relationship between preclinical study results and
clinical study results; delays in submission of regulatory filings
or failure to receive regulatory approval; liquidity and capital
resources, including the anticipated closing of the private
placement and anticipated runway extension; and other risks and
uncertainties identified in Lexeo’s Annual Report on Form 10-K for
the annual period ended December 31, 2023, filed with the SEC on
March 11, 2023, and subsequent future filings Lexeo may make with
the SEC. New risks and uncertainties may emerge from time to time,
and it is not possible to predict all risks and uncertainties.
Lexeo claims the protection of the Safe Harbor contained in the
Private Securities Litigation Reform Act of 1995 for
forward-looking statements. Lexeo expressly disclaims any
obligation to update or alter any statements whether as a result of
new information, future events or otherwise, except as required by
law.
Media Response:Janine Bogris (201) 245-6838
janine.bogris@inizioevoke.com
Investor Response:Laurence Watts(619)
916-7620laurence@gilmartinir.com
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