LENZ Therapeutics Secures $30 Million from Ridgeback Capital

LENZ Therapeutics, Inc. (Nasdaq: LENZ), a biopharmaceutical company in the late stages of clinical development, has revealed a significant financial move aimed at advancing its eye care solutions. On July 15, 2024, the company announced a $30 million private investment in public equity (PIPE) through a stock purchase agreement with Ridgeback Capital Investments L.P. This infusion of funds is poised to bolster LENZ's financial position as it advances its flagship product, LNZ100, a pioneering aceclidine-based eye drop designed to enhance near vision for individuals affected by presbyopia.

Eef Schimmelpennink, President and CEO of LENZ Therapeutics, expressed gratitude for Ridgeback Capital's support and emphasized the strategic importance of the added capital. He highlighted the promising Phase 3 CLARITY study results and the enthusiastic feedback from key opinion leaders who have evaluated LNZ100. Schimmelpennink outlined upcoming goals, including the submission of a New Drug Application (NDA) for LNZ100 by mid-2024 and preparations for the product’s potential approval and market launch.

Ridgeback Capital’s CEO, Dr. Wayne Holman, echoed the sentiment, praising LENZ for its innovative approach to addressing presbyopia, a condition that affects millions worldwide. Holman underscored the potential transformative impact of LNZ100 on patients' vision and expressed excitement about supporting the LENZ team in their endeavor.

The proceeds from the PIPE financing, along with LENZ's existing financial resources, will be allocated to regulatory and pre-commercial activities, as well as the potential commercial launch of LNZ100. Additional funds will be used for working capital and general corporate purposes.

The securities involved in this transaction have not been registered under the Securities Act of 1933 and will not be publicly offered or sold in the United States without proper registration or an applicable exemption. LENZ Therapeutics has committed to filing a registration statement with the Securities Exchange Commission (SEC) to facilitate the resale of the common stock obtained through the PIPE financing. Any subsequent offering of these shares will be conducted via a prospectus.

It is important to note that this announcement does not constitute an offer to sell or a solicitation to buy any securities of LENZ Therapeutics. Such transactions will only be conducted in compliance with applicable securities laws.

Headquartered in San Diego, California, LENZ Therapeutics specializes in developing and commercializing aceclidine-based eye drops aimed at improving vision for people with presbyopia. Their leading product, LNZ100, is a preservative-free, single-use, once-daily eye drop. The Phase 3 CLARITY study has positioned LNZ100 as a potential top-tier treatment for presbyopia, a condition that affects an estimated 1.8 billion people globally, including 128 million in the United States. LENZ Therapeutics remains dedicated to offering an optimal pharmaceutical solution to enhance vision throughout the day for all patients.