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Seres Therapeutics, Inc. Announces Pricing of Public Offering of Common Stock

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Seres Therapeutics, Inc. (Nasdaq: MCRB) (“Seres”), a leading microbiome
therapeutics platform company developing a novel class of biological
drugs that are designed to treat disease by restoring the function of a
dysbiotic microbiome, today announced the pricing of an underwritten
public offering of 26,666,667 shares of its common stock, at a public
offering price of $2.25 per share, before underwriting discounts and
commissions. Seres also granted the underwriters a 30-day option to
purchase up to an additional 2,666,666 shares of its common stock. The
gross proceeds from the offering, before deducting underwriting
discounts and commissions and estimated offering expenses, are expected
to be approximately $60.0 million, excluding any exercise of the
underwriters’ option to purchase additional shares. All of the shares in
the offering are to be sold by Seres.

Goldman Sachs & Co. LLC and Cowen and Company, LLC are acting as joint
book-running managers for the offering. The offering is expected to
close on or about June 18, 2019, subject to customary closing conditions.

Seres intends to use the net proceeds from the offering, in addition to
its existing cash resources, to advance the development of its product
candidates and for other general corporate and working capital purposes.

The common stock described are being offered by Seres pursuant to a
shelf registration statement on Form S-3 (File No. 333-216735),
including a prospectus, which was declared effective by the Securities
and Exchange Commission (“SEC”) on March 24, 2017. A preliminary
prospectus supplement to the prospectus describing the terms of the
offering was filed with the SEC on June 12, 2019, and a final prospectus
supplement will be filed with the SEC. The offering will be made only by
means of a written prospectus and prospectus supplement that form a part
of the effective registration statement. Copies of the preliminary
prospectus supplement and accompanying prospectus relating to the
offering may be obtained, when available, by contacting: Goldman Sachs &
Co. LLC by mail at Prospectus Department, 200 West Street, New York, New
York 10282, Attention: Prospectus Department, by telephone at (866)
471-2526, by fax at (212) 902-9316, or by email at prospectus-ny@ny.email.gs.com
or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, or by
telephone at (631) 592-5973.

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 state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state or jurisdiction.

Forward-Looking Statements

This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements regarding the completion and
anticipated proceeds of the proposed offering and the use of the
proceeds from the proposed offering. All such forward-looking statements
are based on management’s current expectations of future events and are
subject to a number of risks and uncertainties that could cause actual
results to differ materially and adversely from those set forth in or
implied by such forward-looking statements. These risks and
uncertainties relate to market fluctuations in Seres’ common stock
price, changes in market conditions and satisfaction of customary
closing conditions related to the proposed offering, as well as the
other factors discussed in the “Risk Factors” section in the prospectus
supplement and registration statement referenced above, in the “Risk
Factors” section in Seres’ Quarterly Report on Form 10-Q filed with the
SEC on May 2, 2019, and in other reports that Seres files with the SEC.
There can be no assurance that Seres will be able to complete the
proposed offering on the anticipated terms. All information in this
press release is as of the date of this release, and Seres undertakes no
duty to update this information, even if subsequent events cause its
views to change, unless required by law.

Contacts

Carlo Tanzi, Ph.D., Seres Therapeutics, 617-203-3467
Vice
President, Investor Relations and Corporate Communications
ctanzi@serestherapeutics.com

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