ERAS - Erasca Announces $45 Million Oversubscribed Private Placement Financing | Benzinga
SAN DIEGO, March 27, 2024 (GLOBE NEWSWIRE) -- Erasca, Inc. (NASDAQ:ERAS) ("Erasca"), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, today announced that it has entered into a securities purchase agreement with a select group of institutional accredited investors to sell 21,844,660 shares of its common stock in an oversubscribed private placement at a price of $2.06 per share.
Erasca anticipates the gross proceeds from the private placement will be approximately $45 million, before deducting placement agent fees and other offering expenses. The private placement is expected to close on or about April 2, 2024, subject to customary closing conditions.
The private placement was led by a high quality group of new and existing healthcare focused investors.
BofA Securities is acting as sole placement agent to Erasca in connection with the private placement.
"Erasca continues to make strong progress across our pipeline of potential first-in-class and best-in-class programs, highlighted by investor enthusiasm for our recent pooled analysis of data from the Phase 1b and Phase 2 trials for naporafenib plus trametinib demonstrating 13 to 14 months of median overall survival in patients with NRAS-mutant melanoma treated post-immunotherapy," said Jonathan E. Lim, M.D., Erasca's chairman, CEO, and co-founder. "This financing allows us to bring in additional high quality healthcare focused investors and extend runway from the first half of 2026 to the second half of 2026, setting us up nicely to provide a number of key clinical data readouts in 2024 and beyond."
Erasca intends to use the net proceeds from the proposed financing to fund the research and development of its product candidates and other development programs and ...