enGene Holdings Inc. (ENGN), Friday announced the decision to sell about 6.8 million shares at a price of $8.90 per share, generating approximately $60 million from the private placement.
The funding would be done by new and existing investors, including Deep Track Capital, Cormorant Asset Management, Forbion, OrbiMed, Sphera Healthcare, Vestal Point Capital and Venrock Healthcare Capital Partners.
The biotechnology company intends to use the net proceeds to fund the continued development of Detalimogene, pre-commercial activities, the potential expansion of the DDX platform, and for working capital and general corporate purposes.
Moreover, enGene expects that the proceeds along with current cash and cash equivalents will be sufficient to finance the current operating plan into 2027.
The financing is expected to close on October 29.
Currently, enGene's stock is trading at $9.69, up 8.82 percent on the Nasdaq.
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