Abeona Therapeutics Announces Pricing of $75 Million Underwritten Offering of Common Stock and Pre-Funded Warrants

Core Viewpoint - Abeona Therapeutics Inc. has announced an underwritten offering of common stock and pre-funded warrants, aiming to raise approximately $75 million to support its product candidate pz-cel and other corporate purposes [1][2]. Group 1: Offering Details - The offering consists of 12,285,056 shares of common stock and pre-funded warrants for 6,142,656 shares, priced at $4.07 per share, equal to the closing price on May 2, 2024 [1]. - The pre-funded warrants are immediately exercisable at a nominal price of $0.0001 per share and can be exercised at any time until fully exercised [1]. - The closing of the offering is expected around May 7, 2024, pending customary closing conditions [1]. Group 2: Investor Participation - The offering has attracted both new and existing investors, including notable firms such as Adage Capital Partners, L.P., Janus Henderson Investors, and Nantahala Capital [2]. - Stifel is serving as the sole bookrunner for this offering [2]. Group 3: Use of Proceeds - Abeona plans to utilize the net proceeds primarily for the resubmission of its Biologics License Application (BLA) for pz-cel, commercialization efforts, working capital, and general corporate purposes [2]. Group 4: Company Overview - Abeona Therapeutics is a clinical-stage biopharmaceutical company focused on developing cell and gene therapies for serious diseases, with pz-cel being an investigational treatment for recessive dystrophic epidermolysis bullosa [5]. - The company has a fully integrated cGMP manufacturing facility capable of supporting commercial production of pz-cel upon FDA approval [5]. - Abeona is also developing AAV-based gene therapies for ophthalmic diseases, utilizing next-generation AAV capsids to enhance treatment efficacy [5].