LogicBio Therapeutics Inc (NASDAQ:LOGC) reported a proposed public offering of common stock. However, no size of the offering was disclosed.
The Lexington, Mass.-based company, "dedicated to extending the reach of genetic medicine with pioneering targeted delivery platforms”, intends to offer and sell shares of its common stock in an underwritten public offering.
As part of the offering, LogicBio intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering on the same terms and conditions. All shares being offered are to be sold by LogicBio.
Thursday morning’s news release also revealed that Jefferies, Barclays and William Blair are acting as joint book-running managers, and Chardan is acting as lead manager for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
LogicBio intends to use the net proceeds from the offering to support clinical development of LB-001, to progress the development of its GeneRide and Next Generation Capsid platforms, to expand its pipeline of product candidates into other indications that may be targeted by its platforms and the balance to fund working capital, capital expenditures and other general corporate purposes.
LOGC shares went down the chute, losing $2.65, or 29.2%, to $6.43, soon after Thursday’s open.
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