Replimune Secures $100 Million in Private Financing

Replimune Group, Inc., a biotechnology firm focused on creating advanced oncolytic immunotherapies, has announced a significant private investment in public equity (PIPE) deal. This agreement is expected to provide approximately $100 million in gross proceeds before subtracting placement agent fees and other expenses. The financing round is being led by a life-sciences focused institutional investor, with additional participation from Redmile Group, RTW Investments, Boxer Capital, and other institutional investors, including a leading mutual fund.

As per the securities purchase agreement, Replimune will issue roughly 5.67 million shares of its common stock at $8.82 per share. Along with this, the company will offer pre-funded warrants to purchase an almost equal number of shares at $8.819 per warrant, with an exercise price of $0.001 per share. The transaction is set to close around June 14, 2024, dependent on standard closing conditions.

The funds raised through this PIPE financing will primarily be used to scale up the commercial production of RP1, a treatment for skin cancers. This move is aimed at paving the way for potential profitability. Additionally, the proceeds will support working capital and general corporate purposes. Leerink Partners served as the sole placement agent for this financing event.

Replimune's RP1 is currently undergoing clinical trials targeting anti-PD1 resistant melanoma and has shown promising initial results. A Biologics License Application (BLA) filing is anticipated in the second half of 2024 with a potential commercial launch expected in the latter half of 2025.

The securities offered in this PIPE deal, including the common stock and the shares available upon exercising the pre-funded warrants, are being issued in a private transaction. These securities have not been registered under the Securities Act of 1933 and cannot be resold in the United States unless registered or exempt from registration. Replimune has agreed to file a registration statement with the SEC to cover the resale of the common stock and the shares issuable upon warrant exercise. Any resale will be conducted through a prospectus.

Replimune Group, Inc., founded in 2015 and headquartered in Woburn, Massachusetts, is dedicated to revolutionizing cancer treatment. The company harnesses a proprietary platform based on a potent HSV-1 virus backbone aimed at maximizing immunogenic cell death and inducing a systemic anti-tumor immune response. This platform's design allows for both local and systemic activity, which enhances its potential effectiveness when combined with various other cancer treatments.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!