Frequency Therapeutics, Inc., a clinical-stage biotechnology firm targeted on harnessing the physique’s innate biology to restore or reverse injury attributable to a broad vary of degenerative illnesses, has introduced that it has agreed to promote 2,350,108 shares of its widespread inventory in a personal placement to institutional and accredited buyers. Institutional buyers within the non-public placement included Wasatch International, Federated Hermes Kaufmann Funds, RTW Investments, Perceptive Advisors, Driehaus Capital Administration, Maven Funding Companions US and Alexandria Enterprise Investments, along with different new and current buyers. The transaction is anticipated to end in gross proceeds to the Firm of roughly US$42.three million, based mostly on a worth of US$18 per share, earlier than deducting placement agent charges and different bills. The closing of the non-public placement is topic to customary closing situations and is anticipated to happen on July 20, 2020.
Latham & Watkins LLP represented Frequency Therapeutics within the non-public placement with a capital markets workforce led by New York companion Nathan Ajiashvili, with associates Jennifer Yoon, Andrew Weitzel, and Michael Casagrande.