OvaScience Announces Agreement for $35 Million Private Placement
OvaScience recently announced the execution of a securities purchase agreement with certain institutional and accredited investors providing for a private placement, or PIPE, financing. New investors in this financing include Adage Capital Management, Deerfield Management Company, EcoR1 Capital Fund, Jennison Associates L.L.C (on behalf of fund clients) and other institutional investors. Upon the closing of the PIPE financing, OvaScience will receive gross proceeds of approximately $35 million resulting from the sale and issuance of 3,888,880 shares of its common stock at a purchase price of $9.00 per share.
The PIPE financing, which is expected to close on March 18, 2013, is subject to the satisfaction of certain customary closing conditions contained in the securities purchase agreement. The company intends to use the aggregate net proceeds of the PIPE financing primarily to support the development and commercialization of its fertility treatment approaches and for other general corporate purposes. Leerink Swann LLC served as lead placement agent for the PIPE financing.
The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the US absent registration or an applicable exemption from registration requirements. As part of the transaction, the company has agreed to file a resale registration statement on Form S-1 with the Securities and Exchange Commission within 30 days of the closing for purposes of registering the resale of the shares of common stock issued in the private placement.
OvaScience is a life sciences company focused on the discovery, development, and commercialization of new treatments for infertility. The company’s patented technology is based on the discovery of egg precursor cells (EggPCSM), which are found in the ovaries. By applying proprietary technology to identify and purify EggPCs, AUGMENT aims to improve egg quality and increase the success of in vitro fertilization (IVF). OvaScience’s team of scientists, physicians, and advisers includes recognized leaders in the field of reproductive medicine. For more information, visit www.ovascience.com.
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