OLMA - Olema Oncology Announces Combined Financing for Up to $180 Million | Benzinga
$130 million equity private placement led by Paradigm BioCapital with participation by Lightspeed Venture Partners, Deep Track Capital, BVF Partners L.P., Cormorant Asset Management, Vivo Capital, Logos Capital, and Woodline Partners LP
Senior secured credit facility for up to $50 million provided by Silicon Valley Bank
Financing provides sufficient capital to fund Olema beyond OPERA-01 clinical trial top-line data and into 2027
SAN FRANCISCO, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Olema Pharmaceuticals, Inc. (("Olema", "Olema Oncology", NASDAQ:OLMA), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women's cancers, announced today that it has entered into a stock purchase agreement for a private placement of approximately $130 million of common stock (the "Private Placement") to selected institutional and accredited investors, as well as a new senior secured credit facility with an aggregate principal amount of up to $50 million (the "Credit Facility"). The Private Placement is expected to close on September 12, 2023, subject to customary closing conditions.
The Private Placement was led by Paradigm BioCapital Advisors, with participation by Lightspeed Venture Partners, Deep Track Capital, BVF Partners L.P., Cormorant Asset Management, Vivo Capital, Logos Capital, and Woodline Partners LP. Pursuant to the terms of the stock purchase agreement, Olema will issue 13,211,382 shares of common stock at a purchase price of $9.84 per share, for gross proceeds of approximately $130 million, before deducting offering expenses. The Private Placement is being conducted in accordance with applicable Nasdaq rules and was priced using the average closing price of Olema's common stock for the five trading days ended September 1, 2023.
The Credit Facility is provided by Silicon Valley Bank, a division of First-Citizens Bank & Trust Company ("SVB"), and is a four-year senior secured credit facility with an aggregate principal amount of up to $50 million, of which $25 million will be available upon the closing of the Private Placement ("Closing"), and the remaining $25 million may be made available upon approval by SVB in its discretion. The Company does not anticipate drawing on ...