Benitec Biopharma Wraps Up $29 Million+ Funding Round
4/15/2014 7:09:05 AM
Benitec Biopharma Completes AUD $31.5 million Private Placement
SYDNEY, April 15, 2014 /PRNewswire/ -- Benitec Biopharma Limited (BLT.AX), today announced it has completed its previously announced private placement of up to approximately 29.4 million of the company's ordinary shares at a price of AUD $1.07 per ordinary share following a general meeting of its shareholders, who voted overwhelmingly in favor of approving the second tranche of the financing. As a result of receiving shareholder approval, Benitec will receive a total of approximately AUD $31.5 million to accelerate clinical development of its lead compound TT-034, a potential "single shot" treatment for hepatitis C. Proceeds will also be used to advance other programs in the company's pipeline, with a particular emphasis on the lung cancer, age-related macular degeneration, and hepatitis B programs.
The placement was managed by Maxim Group LLC in the U.S. and Lodge Corporate Pty Ltd in Australia, and included participation from international institutional investors including RA Capital Management, Perceptive Advisors, Special Situations Funds and Sabby Management.
Peter French, Benitec Biopharma's CEO and Managing Director, stated, "We are very pleased to have had the strong support of our shareholders to secure the full amount of the funding. We are now sufficiently resourced to advance all of our programs with the aim of maximizing shareholder value. Furthermore, securing new institutional investors from the United States demonstrates confidence in our ddRNAi technology, our pipeline, and in our potential for future growth and value creation."
About Benitec Biopharma Limited
Benitec Biopharma Limited is an ASX-listed biotechnology company (BLT.AX) based in Sydney Australia. The company has a pipeline of in-house and partnered therapeutic programs based on its patented gene-silencing technology, ddRNAi. Benitec is developing treatments for chronic and life-threatening human conditions such as hepatitis C, hepatitis B, wet age-related macular degeneration, cancer-associate pain, drug resistant lung cancer and oculopharyngeal muscular dystrophy based on this technology. In addition, Benitec has licensed ddRNAi technology to other biopharmaceutical companies who are progressing their programs towards the clinic for applications including HIV/AIDS, retinitis pigmentosa and Huntington's disease. For more information on Benitec refer to the Company's website at www.benitec.com.
Forward Looking Statements
This announcement contains certain 'forward-looking statements' within the meaning of the securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as 'may', 'should', 'expect', 'anticipate', 'estimate', 'scheduled' or 'continue' or the negative thereof or comparable terminology. Any forecasts or other forward looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material. Benitec does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on forward-looking statements.
Company: Carl Stubbings | Chief Business Officer | Tel: +61 (2) 9555 6986
Australia Investor Relations: Jane Lowe | Buchan Consulting | Tel: +61 (2) 9237 2807
U.S. Investor Relations: Joshua Drumm | Tiberend Strategic Advisors | Tel: +1 (212) 375-2664
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