Humacyte, Inc. (NASDAQ: HUMA) has announced the pricing of a registered direct offering, which is estimated to generate approximately $30.0 million in gross proceeds for the company. This offering involves the sale of 5,681,820 shares of common stock and warrants to purchase an equal number of shares. The warrants, totaling 2,840,910, will be exercisable immediately and have an exercise price of $5.28 per share, with varying expiration dates.
The offering, which is expected to close on or about October 7, 2024, is being facilitated by EF Hutton LLC acting as the exclusive placement agent. Notably, the company is making this offering pursuant to a “shelf” registration statement on Form S-3 (File No. 333-267225) filed with the Securities and Exchange Commission (SEC) and declared effective on September 9, 2022.
Humacyte is a clinical-stage biotechnology platform company that focuses on developing universally implantable, bioengineered human tissue at commercial scale. The company's initial product candidates, a portfolio of advanced tissue-engineered vessels (ATEVs), are currently in late-stage clinical trials targeting various vascular applications, including vascular trauma repair, arteriovenous (AV) access for hemodialysis, and peripheral artery disease.
Notably, the company's ATEV in the vascular trauma indication is undergoing review by the FDA and has been granted priority review. Additionally, preclinical development is underway in areas such as coronary artery bypass grafts, pediatric heart surgery, treatment of type 1 diabetes, and multiple novel cell and tissue applications.
It's worth mentioning that the ATEV for AV access in hemodialysis was the first product candidate to receive the FDA’s Regenerative Medicine Advanced Therapy (RMAT) designation and has also received FDA fast track designation. Furthermore, Humacyte’s 6mm ATEV for urgent arterial repair following extremity vascular trauma and for advanced peripheral artery disease have also received RMAT designations, with the former also receiving priority designation for the treatment of vascular trauma by the U.S. Secretary of Defense.
As a result of these announcements, the company's shares have moved 2.4% on the market, and are now trading at a price of $5.57. Check out the company's full 8-K submission here.
