Full Press Release Details
Entrada Therapeutics
Announces $100 Million Registered Direct Offering
The offering was led by a U.S.-based healthcare focused investor, two global mutual funds and Janus Henderson Investors, a global
asset management firm -
BOSTON, June 24, 2024 (GLOBE NEWSWIRE)
-- Entrada Therapeutics, Inc. (Nasdaq: TRDA) is a clinical-stage biopharmaceutical company aiming to transform the lives of patients
by establishing a new class of medicines that engage intracellular targets long considered inaccessible. The Company today announced
that it has entered into a securities purchase agreement with a group of investors for the purchase of 3,367,003 shares of common stock
and pre-funded warrants to purchase up to 3,367,003 shares of common stock in a registered direct offering for aggregate gross proceeds
of approximately $100 million. The offering was led by a U.S.-based healthcare focused investor, two global mutual funds and Janus Henderson Investors, a global asset management firm.
The purchase price for the common stock
is $14.85 per share and the purchase price for the pre-funded warrants is $14.8499 per warrant, which represents the per share purchase
price for the common stock less the $0.0001 exercise price for the pre-funded warrant. The offering is expected to close on
or about June 25, 2024, subject to the satisfaction of customary closing conditions.
Entrada expects to use the net proceeds
from the offering to fund the ongoing clinical development of each of ENTR-601-44 and ENTR-601-45 through initiation of our planned Phase
2b clinical trials and ENTR-601-50 through initiation of our planned Phase 2 multiple ascending dose trial, the ongoing research and
development of our development pipeline (including our neuromuscular and ocular franchises), and the remainder for working capital and
other general corporate purposes.
The shares of common stock, pre-funded
warrants and shares of common stock issuable upon the exercise of the pre-funded warrants were offered pursuant to a "shelf"
registration statement that was previously filed with the U.S. Securities and Exchange Commission (the "SEC") on November
1, 2022 (File No. 333-268099) and declared effective by the SEC on November 7, 2022. A final prospectus supplement containing additional
information relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov.
This press release shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Entrada Therapeutics
Entrada Therapeutics is a clinical-stage
biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines that engage intracellular
targets that have long been considered inaccessible. The Company's Endosomal Escape Vehicle (EEV )-therapeutics are designed
to enable the efficient intracellular delivery of a wide range of therapeutics into a variety of organs and tissues, resulting in an
improved therapeutic index. Through this proprietary, versatile and modular approach, Entrada is advancing a robust development portfolio
of RNA-, antibody- and enzyme-based programs for the potential treatment of neuromuscular, ocular, metabolic and immunological diseases,
among others. The Company's lead oligonucleotide programs are in development for the potential treatment of people living with
Duchenne who are exon 44, 45 and 50 skipping amenable. Entrada has partnered to develop a clinical-stage program, VX-670, for myotonic
For more information about Entrada,
Forward-Looking Statements
release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of
historical facts, contained in this press release, including statements regarding the expected closing of the offering and Entrada's
anticipated use of the net proceeds from the offering constitute forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. The words "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "might," "objective,"
"ongoing," "plan," "predict," "project," "potential," "should,"
or "would," or the negative of these terms, or other comparable terminology are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying words. These forward-looking statements speak only as of the date
of this press release and are subject to a number of risks, uncertainties and assumptions, including, without limitation, the risks and
uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the offering, as well
as risks and uncertainties inherent in the Entrada's business, including those described in Entrada's periodic filings with
the SEC. The events and circumstances reflected in Entrada's forward-looking statements may not be achieved or occur and actual
results could differ materially from those projected in the forward-looking statements. Additional information on risks facing Entrada
Therapeutics can be found under the heading "Risk Factors" in Entrada Therapeutics' periodic reports, including its
most recent Form 10-K and in subsequent filings Entrada may make with the SEC, each available on the SEC's website at www.sec.gov.
Except as required by applicable law, Entrada does not plan to publicly update or revise any forward-looking statements contained herein,
whether as a result of any new information, future events, changed circumstances or otherwise. No representations or warranties (expressed
or implied) are made about the accuracy of any such forward-looking statements.
Investor and Media Contact
Head of Investor Relations & Corporate