SYDNEY, April 15, 2014 /PRNewswire/ -- Benitec Biopharma
Limited (ASX: BLT), today announced it has completed its previously
announced private placement of up to approximately 29.4 million of
the company's ordinary shares at a price of AUD $1.07 per ordinary share following a general
meeting of its shareholders, who voted overwhelmingly in favor of
approving the second tranche of the financing. As a result of
receiving shareholder approval, Benitec will receive a total of
approximately AUD $31.5 million to
accelerate clinical development of its lead compound TT-034, a
potential "single shot" treatment for hepatitis C. Proceeds
will also be used to advance other programs in the company's
pipeline, with a particular emphasis on the lung cancer,
age-related macular degeneration, and hepatitis B programs.
The placement was managed by Maxim Group LLC in the U.S. and
Lodge Corporate Pty Ltd in Australia, and included participation from
international institutional investors including RA Capital
Management, Perceptive Advisors, Special Situations Funds and Sabby
Management.
Peter French, Benitec Biopharma's
CEO and Managing Director, stated, "We are very pleased to have had
the strong support of our shareholders to secure the full amount of
the funding. We are now sufficiently resourced to advance all of
our programs with the aim of maximizing shareholder value.
Furthermore, securing new institutional investors from the United States demonstrates confidence in
our ddRNAi technology, our pipeline, and in our potential for
future growth and value creation."
About Benitec Biopharma Limited
Benitec
Biopharma Limited is an ASX-listed biotechnology company (ASX:BLT)
based in Sydney Australia. The
company has a pipeline of in-house and partnered therapeutic
programs based on its patented gene-silencing technology, ddRNAi.
Benitec is developing treatments for chronic and life-threatening
human conditions such as hepatitis C, hepatitis B, wet age-related
macular degeneration, cancer-associate pain, drug resistant lung
cancer and oculopharyngeal muscular dystrophy based on this
technology. In addition, Benitec has licensed ddRNAi technology to
other biopharmaceutical companies who are progressing their
programs towards the clinic for applications including HIV/AIDS,
retinitis pigmentosa and Huntington's disease. For more information
on Benitec refer to the Company's website at www.benitec.com.
Forward Looking Statements
This announcement
contains certain 'forward-looking statements' within the meaning of
the securities laws of applicable jurisdictions. Forward-looking
statements can generally be identified by the use of
forward-looking words such as 'may', 'should', 'expect',
'anticipate', 'estimate', 'scheduled' or 'continue' or the negative
thereof or comparable terminology. Any forecasts or other forward
looking statements contained in this announcement are subject to
known and unknown risks and uncertainties and may involve
significant elements of subjective judgment and assumptions as to
future events which may or may not be correct. There are usually
differences between forecast and actual results because events and
actual circumstances frequently do not occur as forecast and these
differences may be material. Benitec does not give any
representation, assurance or guarantee that the occurrence of the
events expressed or implied in any forward-looking statements in
this announcement will actually occur and you are cautioned not to
place undue reliance on forward-looking statements.
Contacts:
Company: Carl
Stubbings | Chief Business Officer | Tel: +61
(2) 9555 6986
Email: cstubbings@benitec.com
Australia Investor Relations: Jane Lowe | Buchan Consulting |
Tel: +61 (2) 9237 2807
Email: jlowe@buchanwe.com.au
U.S. Investor Relations: Joshua Drumm | Tiberend Strategic
Advisors | Tel: +1 (212) 375-2664
Email: jdrumm@tiberend.com
SOURCE Benitec Biopharma Limited
