Cartesian Therapeutics, Inc. (NASDAQ: RNAC), a clinical-stage biotechnology company known for its innovative mRNA cell therapies targeting autoimmune diseases, announced today a significant milestone in its financial journey. The company has entered into a securities purchase agreement to secure approximately $130 million through a private investment in public equity (PIPE) financing. The transaction is expected to close on or around July 3, 2024, pending customary closing conditions.
Cartesian Therapeutics Secures $130M in PIPE Financing for Pioneering mRNA Cell Therapy

Investment Participants

The PIPE financing saw robust participation from both new and existing investors, including notable names such as HBM Healthcare Investments (Cayman) Ltd., Invus, Schooner Capital, Surveyor Capital (a Citadel company), and renowned mutual fund manager Timothy A. Springer, Ph.D. This infusion of capital underscores the confidence investors have in Cartesian’s mRNA cell therapy platform and its potential to revolutionize treatment for autoimmune diseases.

 

Terms and Structure

Under the terms of the agreement, Cartesian Therapeutics is selling a total of 3,563,247 shares of its common stock and 2,937,903 shares of its Series B Non-Voting Convertible Preferred Stock, each priced at $20.00 per share. The Series B Preferred Stock is convertible into common stock, contingent on stockholder approval and certain beneficial ownership limitations.

 

Strategic Use of Proceeds

The funds raised from this PIPE financing will be strategically utilized to advance Cartesian’s pipeline programs, support general corporate activities, and bolster working capital. This financial boost is expected to accelerate the development of Cartesian’s lead asset, Descartes-08, an mRNA CAR-T therapy currently in Phase 2b clinical trials for generalized myasthenia gravis and in Phase 2 for systemic lupus erythematosus, with further plans for a Phase 2 basket trial in additional autoimmune conditions.

 

Placement Agents

The financing effort is being led by Leerink Partners and TD Cowen as the primary placement agents, with Needham & Company also acting as a placement agent. Their expertise and networks have been instrumental in securing this substantial investment.

 

Regulatory Compliance and Future Outlook

The offer and sale of the securities were conducted in a private transaction, with the securities remaining unregistered under the Securities Act of 1933. As part of the agreement, Cartesian will file a registration statement with the SEC to facilitate the resale of the common stock underlying the Series B Preferred Stock and the shares sold in the PIPE financing.

 

About Cartesian Therapeutics

Cartesian Therapeutics is at the forefront of mRNA cell therapy, focusing on innovative treatments for autoimmune diseases. The company’s pioneering approach includes Descartes-08 and Descartes-15, the latter being a next-generation, autologous anti-BCMA mRNA CAR-T therapy.

 

Forward-Looking Statements

This announcement includes forward-looking statements reflecting Cartesian Therapeutics’ expectations and projections. These statements are subject to risks and uncertainties, which could cause actual results to differ materially. For a detailed discussion of these risks, refer to the “Risk Factors” section in the company’s recent filings with the SEC.

GMP mRNA
Check out our mRNA service to expedite your vaccine research
About PackGene

PackGene Biotech is a world-leading CRO and CDMO, excelling in AAV vectors, mRNA, plasmid DNA, and lentiviral vector solutions. Our comprehensive offerings span from vector design and construction to AAV, lentivirus, and mRNA services. With a sharp focus on early-stage drug discovery, preclinical development, and cell and gene therapy trials, we deliver cost-effective, dependable, and scalable production solutions. Leveraging our groundbreaking π-alpha 293 AAV high-yield platform, we amplify AAV production by up to 10-fold, yielding up to 1e+17vg per batch to meet diverse commercial and clinical project needs. Moreover, our tailored mRNA and LNP products and services cater to every stage of drug and vaccine development, from research to GMP production, providing a seamless, end-to-end solution.

Related News

Related Services

Plasmids GMP Services

Multiple scales & grade of solutions of various kind of plasmids suitable for multiple treatments in a fast and cost effective way.
READ MORE

AAV GMP Services

Ranging from small-scale AAV production, to large-scale AAV cGMP manufacturing for animal studies.
READ MORE
aav icon

Technology Platforms

PackGene’s proprietary π-Alpha™ 293 AAV High-yield Platform increases AAV production by 3 to 8 times that of traditional platforms.
READ MORE