Benitec closes US IPO

Company News

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

The IPO includes 1.5 million American Depositary Shares (ADSs), representing 30 million fully paid ordinary shares of Benitec, together with warrants to purchase 500,000 ADSs, representing 10 million fully paid ordinary shares.

Each ADS represents 20 ordinary shares of Benitec.

Benitec has granted the underwriter 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.

Simultaneously with the closing, Benitec issued and sold 75,000 warrants in connection with the underwriter’s partial exercise of such option.

The gross proceeds from the offering were US$13.8 million, before deducting underwriting
discounts and commissions and other offering expenses.

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

Benitec is developing a patented gene silencing technology delivered by gene therapy, called DNA directed RNA interference (ddRNAi) that is 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.