ROCKVILLE, MD – Regenxbio Inc. has raised $75 million in a public stock offering that began Tuesday, according to a filing with the Securities and Exchange Commission.
The company sold 3.7 million shares of common stock priced at $20.50 per share.
Regenxbio entered into an underwriting agreement with Morgan Stanley & Co. and Merrill Lynch, Pierce, Fenner & Smith Inc. The company granted the underwriters a 30-day option to purchase up to an additional 555,000 shares of common stock.
Pursuant to the initial offering, Regenxbio’s net proceeds are expected to be approximately $70.8 million, after deducting discounts, commissions and offering expenses.
Regenxbio, founded in 2008, is a clinical-stage biotechnology company that develops gene therapy products. The company intends to use a portion of the net proceeds to grow the pipeline of new product candidates through in-licenses or potential acquisitions.
The company trades on Nasdaq under the ticker RGNX. Shares closed Friday at $20.15, up 0.5 percent.
The offering is expected to close on March 27.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism