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.
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