Aura Biosciences Launches Major Public Offering for Growth
Aura Biosciences Launches Major Public Offering for Growth
BOSTON — Aura Biosciences, Inc. (“Aura”) (Nasdaq: AURA), a pioneering clinical-stage biotechnology company focused on advancing precision therapies for solid tumors, has recently disclosed the pricing details of a significant underwritten public offering.
Details of the Public Offering
Aura is making available a total of 11,735,565 shares of its common stock, alongside warrants which enable the purchase of an additional 2,933,891 shares. Moreover, to select investors, pre-funded warrants are being offered, allowing them to acquire up to 3,571,435 shares of common stock at an incredibly low exercise price of $0.00001 per pre-funded warrant. This strategic offering is designed to raise substantial funds while enhancing shareholder value.
The combined offering price for each share of common stock along with its corresponding common stock warrant is set at $4.90. Interestingly, the pre-funded warrants combine with an accompanying common stock warrant priced at nearly $4.90. These warrants are intended to benefit both the company and its investors, as they are immediately exercisable and have a structured expiration after five years.
Financial Expectations and Use of Proceeds
The gross proceeds from this ambitious offering are projected to total $75 million for Aura, prior to deductions for underwriting discounts, commissions, and associated expenses. This capital influx is crucial for the company as it works diligently to expand its clinical programs targeting early-stage choroidal melanoma, metastatic cancers, and non-muscle invasive bladder cancer.
Supporting Clinical Advancements
The funding will enable Aura to utilize not only the new capital from this offering but also its current cash reserves and securities to expedite its innovative clinical programs. The focus is clear: to advance their groundbreaking therapies aimed at preserving organ function in patients battling severe forms of cancer.
Management Team Behind the Offering
The offering is being led by seasoned financial partners, with Leerink Partners and Evercore ISI serving as joint bookrunning managers. Additionally, LifeSci Capital contributes as a bookrunning manager, with Citizens Capital Markets and Scotiabank acting as co-managers. This skilled team is well-positioned to navigate the complexities of this significant financial undertaking.
Regulatory Framework and Transparency
Aura has filed a shelf registration statement with the Securities and Exchange Commission (the SEC), enhancing the transparency of this offering. This strategic move ensures that all legal and regulatory requirements are thoroughly addressed, allowing the offering to proceed smoothly. Interested investors can find the preliminary prospectus supplement available through SEC channels.
About Aura Biosciences
Aura Biosciences, Inc. stands as a beacon of innovation in the biotechnology sector, directing its efforts toward developing targeted therapies tailored for solid tumors. The company's leading candidate, bel-sar (AU-011), is making significant strides in the fields of choroidal melanoma and other ocular oncology areas. Aura aspires to push the boundaries of cancer treatment while maintaining the highest standards in patient care.
The overarching mission of Aura is not only to succeed financially but also to transform lives through impactful medical discoveries that prioritize patient well-being.
Frequently Asked Questions
What is the main purpose of Aura's public offering?
Aura's public offering aims to raise funds to advance clinical programs for treating various types of cancers while enhancing shareholder value.
How much capital is Aura expected to raise from this offering?
The company expects to raise approximately $75 million from the public offering before deducting expenses.
When is the public offering expected to close?
The offering is anticipated to close shortly, subject to customary closing conditions, which typically occur within days after the announcement.
Who are the financial partners involved in this offering?
The offering is being managed by Leerink Partners, Evercore ISI, LifeSci Capital, Citizens Capital Markets, and Scotiabank.
What is the focus of Aura Biosciences in terms of product development?
Aura focuses on developing precision therapies for solid tumors, with a particular emphasis on preserving organ function during treatment.
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