Thursday, April 27, 2017
Dicerna Announces Closing of $70 Million Convertible Preferred Stock Financing
Dicerna Pharmaceuticals, Inc. (NASDAQ:DRNA) (the “Company”), a leading developer of investigational ribonucleic acid interference (“RNAi”) therapeutics, today announced that it has closed its previously announced stock purchase transaction for the sale of redeemable convertible preferred stock (“Preferred Stock”) to a syndicate of current and new investors led by Bain Capital Life Sciences, under which the Company received gross proceeds of $70.0 million.
Under terms of the Preferred Stock purchase agreement, Adam M. Koppel, M.D., Ph.D., a managing director of Bain Capital Life Sciences, has joined Dicerna’s Board of Directors, which has been expanded to nine seats.
At the closing, Dicerna issued 700,000 shares of Preferred Stock, which are convertible into common shares at an initial conversion price of $3.19 per share. Please refer to the Company’s Form 8-K, which was filed with the Securities and Exchange Commission on March 30, 2017, for the complete terms of the Preferred Stock transaction.
Dicerna intends to use the proceeds from the Preferred Stock transaction to further develop its GalXC™ pipeline programs, including both pre-clinical and clinical work, as well as for general corporate purposes.
About Dicerna Pharmaceuticals, Inc.
Dicerna Pharmaceuticals, Inc., is a biopharmaceutical company focused on the discovery and development of innovative RNAi-based therapeutics for diseases involving the liver, including rare diseases, chronic liver diseases, cardiovascular diseases, and viral infectious diseases. The Company is leveraging its proprietary GalXC™ RNAi technology platform to build a broad pipeline in these core therapeutic areas, focusing on target genes where connections between target gene and diseases are well understood and documented. The Company intends to discover, develop and commercialize novel therapeutics either on its own or in collaboration with pharmaceutical partners. For more information, please visit www.dicerna.com.
Posted by Blogger at 9:15 PM