PRLD - Prelude Therapeutics Announces $25 Million Private Placement | Benzinga
WILMINGTON, Del., Dec. 11, 2023 (GLOBE NEWSWIRE) -- Prelude Therapeutics Incorporated (NASDAQ:PRLD) ("Prelude" or the "Company"), a clinical-stage precision oncology company, today announced a private placement that the Company estimates will result in gross proceeds of approximately $25 million before deducting estimated offering expenses payable by the Company. Proceeds from the private placement will be used to primarily fund the continued advancement of its SMARCA2 portfolio, for working capital and general corporate purposes.
The proceeds from this private placement, combined with current cash and cash equivalents, are expected to be sufficient to fund the Company's current operating plan into 2026.
Dr. Kris Vaddi, CEO of Prelude stated, "This additional funding allows us to further resource our SMARCA2 portfolio by rigorously advancing the clinical development of our IV molecule, PRT3789, and progressing the oral program into the clinic. We look forward to providing initial clinical results from PRT3789 and initiating clinical development of our oral program in the second half of 2024."
Terms of the private placement, with certain institutional accredited investors, include an agreement to purchase pre-funded warrants of 7,936,759 shares of Prelude's common stock at a price of $3.1499 per warrant, each with an exercise price of $0.0001 per share. The volume-weighted average trading price of the Company's common stock over the last five trading days is $3.04. Prelude will pay no placement fees in connection with the financing. The closing of the private placement is subject to customary closing conditions and is expected to occur on ...