TSVT - 2seventy bio receives $170M in private placement equity financing

2seventy bio (NASDAQ:TSVT) agreed to sell ~13.9M shares to a select group of institutional and accredited investors in a private placement. On financing closure, the company will receive gross proceeds of ~$170M based on $12.2/share (Mar.15 closing price). The financing is expected to close on Mar.17. Proceeds from the financing will support the company's ongoing research and development activities as well as general corporate purposes and working capital. The company ended 2021 with cash, cash equivalents and marketable securities of $362.2M. Combined with the company’s expectations for U.S. ABECMA commercial sales in 2022, a reduction in expected net cash spend for 2022 to a range of $190 to $220M, and the net proceeds from the private placement, the company expects to have sufficient cash and equivalents to fund current planned operations into 2025.

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2seventy bio receives $170M in private placement equity financing