Orgenesis (NASDAQ:ORGS) Inc said it has entered into a definitive securities purchase agreement with certain investors for a private placement for which it expects to receive gross proceeds of approximately $14.8 million before deducting related offering expenses.
The company said the placement will see the sale of 4,933,333 shares of the company's common stock at a purchase price of $3.00 per share and warrants to purchase up to 1,000,000 shares of common stock at an exercise price of $4.50 per share. The warrants are not exercisable until after six months and expire three years from the date of issuance.
The offering is expected to close on or about April 30, 2022, subject to customary closing conditions, it added.
READ: Orgenesis sees revenue and profits soar in 2021 as its Point of Care platform gains traction around the globe
The securities to be sold in this private placement will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and will be sold under Regulation D of the Securities Act.
The securities may not be offered or sold in the United States absent registration or pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
Orgenesis is a global biotech company working to unlock the full potential of cell and gene therapies (CGTs) in an affordable and accessible format at the point of care.
The Orgenesis POCare Platform is comprised of three enabling components: a pipeline of licensed POCare Therapeutics that are processed and produced in closed, automated POCare Technology systems across a collaborative POCare Network.
Orgenesis identifies promising new therapies and leverages its POCare Platform to provide a rapid, globally harmonized pathway for these therapies to reach and treat large numbers of patients at lowered costs through efficient, scalable, and decentralized production.
The POCare Network brings together patients, doctors, industry partners, research institutes and hospitals worldwide to achieve harmonized, regulated clinical development and production of the therapies.
Contact the author at jon.hopkins@proactiveinvestors.com