Spyre Therapeutics, Inc. (SYRE), a company focused on inflammatory bowel disease on Monday said it entered into a deal for a private investment in public equity or PIPE financing for gross proceeds of around $180 million.
The company intends to use the proceeds from the PIPE financing, together with its existing cash, to fund its pipeline programs, and for general corporate purposes and working capital.
Spyre is selling 121,625 shares of its Series B non-voting convertible preferred stock at $1,480 per share.
The shares of Series B preferred stock are convertible into an aggregate of 4,865,000 shares. Each share of Series B preferred stock will automatically convert into 40 shares.
The PIPE financing, which is expected to be closed on or about March 20, included participation of both new and existing investors.
Jefferies, TD Cowen, Evercore ISI, Stifel, Guggenheim Securities, and LifeSci Capital are acting as joint placement agents for the PIPE financing.
SYRE was trading up by 4.72 percent at $47.51 in the pre-market trade on the Nasdaq.
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