Benitec announces US IPO pricing

Company News

Benitec Biopharma (NASDAQ: BNTC; NASDAQ: BNTCW; ASX: BLT) has announced the pricing of its US initial public offering.

Benitec is developing a patented gene silencing technology delivered by gene therapy, called DNA directed RNA interference (ddRNAi) that it believed to have the potential to produce 'one-shot' cures for a range of diseases, including hepatitis C and B, drug resistant lung cancer and wet age-related macular degeneration.

The company said proceeds from the US IPO will be used primarily to advance its therapeutic programs.

The company is offering 1.5 million American Depositary Shares (ADSs), representing
30 million fully paid ordinary shares of Benitec, and warrants to purchase 500,000 ADSs,
representing 10million fully paid ordinary shares, at a price of US$9.21 per ADS and US$0.01 per warrant.

Each ADS represents 20 ordinary shares of Benitec. The warrants will have a per ADS exercise price of US$5.50, are exercisable immediately and will expire on 21 August 2020.

Benitec has granted the underwriters a 45-day option to purchase up to an additional 225,000 ADSs and/or 75,000 warrants to purchase ADSs to cover over-allotments, if any.

The company said it expects gross proceeds from the offering of US$13.8 million, before deducting underwriting discounts , commissions and other offering expenses.

The offering is expected to close on or about 21 August 2015, subject to customary closing conditions.