In a statement, the company said it intends to use the net proceeds for general corporate purposes and to support the execution of its streamlined business model.
It will also use the money to advance its current product development pipeline as well as its TALEN technology and intellectual property portfolio.
Under the offering, Calyxt said it entered into definitive agreements with institutional investors for the purchase of 3.75 million shares at $4 each.
Cellectis SA (NASDAQ:CLLS) (OTCMKTS:CMVLF) (FRA:ZVAA), the company’s majority shareholder, subscribed to purchase 1.25 million shares in the offering, which is expected to close on or about October 20 -- subject to the satisfaction of customary closing conditions.
HC Wainwright & Co is acting as the exclusive placement agent for the transaction.
Developed in part by Calyxt co-founder and Chief Science Officer Dan Voytas, Transcription Activator-Like Effector Nuclease — better known as TALEN — is an advanced breeding technology that allows for precision targeting of existing genes within a plant’s genome.
That targeting allows Calyxt scientists to select desired characteristics, and precisely engineer beneficial crop traits, accelerating breeding at a fraction of the time it would normally take.
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