2seventy-bio-Secure-170-Million-Extending-Cash-Runway-Into-2025

2seventy bio Secure $170 Million Extending Cash Runway Into 2025

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2seventy bio (Nasdaq: TSVT), a leading immuno-oncology cell therapy company, today announced that it has agreed to sell approx. 13,934,427 shares of the company’s common stock in a private placement to a select group of accredited and institutional investors . This will help extend the company’s cash runway into 2025.

2seventy bio will receive approximately $170 million from the sale of its common stock to institutional and accredited investors, before commissions and expenses. The shares are being sold at a price of $12.20 per share. This is based on the closing price of 2seventy bio’s common stock on Nasdaq on March 15, 2022.

The private placement equity financing will support the company’s current pipeline of novel cell therapy programs. 2seventy bio also announced that extended runway into 2025 supported by the the financing was also combined with a reduction in net cash spending and ABECMA commercial progress.

About 2seventy bio

The company name, 2seventy bio, reflects the reason why the company focuses on novel cell therapy programs and immuno-oncology. Cancer is a terrible disease that rips time away and the goal of 2seventy bio is to work at the maximum speed at which humans can translate though into action, 270 miles per hour so that those they serve can get more time on this planet.

2seventy bio is a company that specializes in cell therapy programs for the treatment of cancer. The company’s goal is to develop new therapies that can effectively treat cancer and improve patient outcomes while truly disrupting the cancer treatment landscape.

The company is working to apply their deep level of understanding as it applies to the human body’s immune response to tumor cells along with how to translate those cell therapies into practice. 2seventy bio is applying this knowledge with the goal of delivering next-gen cell therapies that are focused on a board range of of hematologic malignancies which includes the first FDA-approved CAR T cell therapy for multiple myeloma, along with solid tumors.

2seventy bio focuses on developing therapies that are smarter and faster than the disease itself. They remain focused on these goals by staying true to their “why” and keeping their people and culture top of mind.

2seventy bio Financing Details

The financing is expected to close on March 17, 2022. The proceeds from the financing will support 2seventy bio’s ongoing research and development activities as well as general corporate purposes and working capital.

The private placement was highly successful, with top healthcare investors participating, including Janus Henderson Investors, 683 Capital, Armistice Capital, Casdin Capital, Bain Capital Life Sciences, Boxer Capital, EcoR1 Capital, CaaS Capital, Cowen Healthcare Investments, Madison Avenue Partners, Heights Capital, Newtyn Management, RTW Investments, LP, Nick Leschly & family, along with existing investors.

Goldman Sachs & Co. LLC acted as an exclusive placement agent in the sale of common stock described above. These shares were sold in a private placement and have not been registered under the Securities Act of 1933, as amended. As such, they may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The company has agreed to register the resale of the shares of common stock issued in the offering with the Securities and Exchange Commission.

2seventy bio Current Financing Position

2seventy bio ended 2021 with cash, cash equivalents, and marketable securities totaling $362.2 million. With expected U.S. ABECMA commercial sales in 2022, a reduction in net cash spend for 2022 of $190 to $220 million, and the net proceeds from the private placement, the company anticipates it will have sufficient cash to fund planned operations into 2025.

2seventy believes that the upcoming runway will bring significant clinical data updates, new INDs and commercial progress for ABECMA.

About-2seventy-bio
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