Taysha Gene Therapies Announces $150 Million Private Placement Financing
14 Agosto 2023 - 1:00PM
Taysha Gene Therapies, Inc. (Nasdaq: TSHA), a clinical-stage
gene therapy company focused on developing and commercializing
AAV-based gene therapies for the treatment of monogenic diseases of
the central nervous system (CNS), announced today that it has
entered into a securities purchase agreement for a private
placement financing (the “PIPE”) that is expected to result in
gross proceeds of approximately $150 million, before deducting
placement agent commissions and offering expenses. The PIPE was led
by new investor, RA Capital Management, with participation from a
large institutional investor, PBM Capital, RTW Investments, LP,
Venrock Healthcare Capital Partners, TCGX, Acuta Capital Partners,
Kynam Capital Management, LP, Octagon Capital, Invus, GordonMD®
Global Investments LP, and B Group Capital.
“We are pleased by the support from this prestigious group of
new and existing investors, which we believe highlights the
enthusiasm of the early clinical readout of the first patient
treated in our REVEAL trial and reinforces the potential of gene
therapy to transform the lives of patients suffering from
devastating diseases,” said Sean P. Nolan, Chairman and Chief
Executive Officer of Taysha. “We expect that the net proceeds from
the PIPE, together with our existing cash and cash equivalents,
will extend our cash runway into the third quarter of 2025 to
primarily support the clinical development of TSHA-102 in Rett
syndrome and provide support for TSHA-120 program activities in
GAN, working capital and other general corporate purposes. With
this capital infusion, we believe we are well positioned to
continue to execute across key program milestones.”
In the PIPE, Taysha is selling an aggregate of 122,412,376
shares of its common stock at a price of $0.90 per share and, in
lieu of common stock to certain investors, pre-funded warrants to
purchase up to an aggregate of 44,250,978 shares of common stock at
a purchase price of $0.899 per pre-funded warrant. Each pre-funded
warrant has an exercise price of $0.001 per share of common stock
and is immediately exercisable and remains exercisable until
exercised in full. The PIPE is being conducted in accordance with
applicable Nasdaq rules and was priced to satisfy the “Minimum
Price” requirement (as defined in the Nasdaq rules). The PIPE is
expected to close by August 16, 2023, subject to customary closing
conditions. The pre-funded warrants will only be exercisable upon
receipt of stockholder approval of an increase in the authorized
shares of Taysha’s common stock, which Taysha will first seek to
obtain at an annual meeting of stockholders to be held by December
31, 2023.
Jefferies is acting as exclusive placement agent in the private
placement.
The securities to be sold in this private placement, including
the shares of common stock underlying the pre-funded warrants, have
not been registered under the Securities Act of 1933, as amended,
or applicable state securities laws, and may not be offered or sold
in the United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements. Taysha has agreed to file a registration statement
with the Securities and Exchange Commission registering the resale
of the shares of common stock and the shares of common stock
underlying the pre-funded warrants issued in the PIPE.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Taysha Gene TherapiesTaysha Gene
Therapies (Nasdaq: TSHA) is on a mission to eradicate
monogenic CNS disease. With a singular focus on developing curative
medicines, we aim to rapidly translate our treatments from bench to
bedside. We have combined our team’s proven experience in gene
therapy drug development and commercialization with the world-class
UT Southwestern Gene Therapy Program. Together, we leverage our
fully integrated platform with a goal of dramatically improving
patients’ lives. More information is available
at www.tayshagtx.com.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
“anticipates,” “believes,” “expects,” “intends,” “projects,”
“plans,” and “future” or similar expressions are intended to
identify forward-looking statements. Forward-looking statements
include statements related to the anticipated proceeds to be
received in the proposed PIPE, expected timing of closing of the
proposed PIPE and the size and completion of the proposed PIPE, the
forecast of cash runway and the Company’s expectations regarding
funding, operating and working capital expenditures.
Forward-looking statements are based on management’s current
expectations and are subject to various risks and uncertainties
that could cause actual results to differ materially and adversely
from those expressed or implied by such forward-looking statements.
Accordingly, these forward-looking statements do not constitute
guarantees of future performance, and you are cautioned not to
place undue reliance on these forward-looking statements. Risks
regarding our business are described in detail in
our Securities and Exchange Commission (“SEC”) filings,
including in our Annual Report on Form 10-K for the full-year
ended December 31, 2022, and our Quarterly Report on Form 10-Q
for the quarter ended March 31, 2023, both of which are available
on the SEC’s website at www.sec.gov. Additional information
will be made available in other filings that we make from time to
time with the SEC. Such risks may be amplified by the impacts
of the COVID-19 pandemic. These forward-looking statements speak
only as of the date hereof, and we disclaim any obligation to
update these statements except as may be required by law.
Company Contact:Hayleigh CollinsDirector, Head
of Corporate CommunicationsTaysha Gene Therapies,
Inc.hcollins@tayshagtx.com
Media Contact:Carolyn HawleyCanale
Communicationscarolyn.hawley@canalecomm.com
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