Engene Holdings Inc. (NASDAQ: ENGN) has successfully priced its public offering, securing a total of $130 million in aggregate gross proceeds. The offering includes 12,558,823 common shares at a public offering price of $8.50 per share, as well as pre-funded warrants to purchase 2,735,295 shares of its common shares at an offering price of $8.4999 per pre-funded warrant.
The company has also granted the underwriters a 30-day option to purchase up to 2,294,117 additional common shares at the public offering price, less underwriting discounts and commissions.
Notably, this offering represents a significant increase from the previous period. Engene had filed an effective shelf registration statement on Form S-3 (File No. 333-283201) with the U.S. Securities and Exchange Commission on November 13, 2024, which was declared effective on November 21, 2024.
Engene's lead program, detalimogene voraplasmid (also known as detalimogene, and previously eg-70), is aimed at addressing non-muscle invasive bladder cancer (NMIBC). This program is currently being evaluated in the ongoing multi-cohort Legend Phase 2 trial, including a pivotal cohort studying detalimogene in high-risk, Bacillus Calmette-Guérin (BCG)-unresponsive patients with carcinoma in situ (CIS) with or without concomitant papillary disease. The drug was developed using Engene’s proprietary Dually Derivatized Oligochitosan® (DDX) platform.
In addition to the public offering, Jefferies, Leerink Partners, and Wells Fargo Securities are acting as joint book running managers, while Raymond James and Van Lanschot Kempen are acting as co-lead managers for the offering. H.C. Wainwright & Co. is acting as a co-manager for the offering. As a result of these announcements, the company's shares have moved 1.19% on the market, and are now trading at a price of $8.53. For more information, read the company's full 8-K submission here.
