FX.co ★ Cartesian Therapeutics Announces $130 Mln Private Investment

Cartesian Therapeutics, Inc. (RNAC) announced on Tuesday that it has signed a securities purchase agreement to secure $130 million through a private investment in public equity (PIPE) financing.

The company intends to utilize the net proceeds to support its pipeline programs, for working capital, and for general corporate purposes.

Under the terms of the agreement, Cartesian will issue 3.56 million shares of common stock and 2.94 million shares of Series B preferred stock, each priced at $20 per share. Each Series B preferred stock share is convertible into one common share.

The investors participating include both new and existing stakeholders such as HBM Healthcare Investments (Cayman) Ltd., Invus, Schooner Capital, Surveyor Capital, Timothy A. Springer (a prominent mutual fund manager), and other institutional investors.

Leerink Partners and TD Cowen are serving as the lead placement agents for the PIPE financing, which is anticipated to close by July 3, 2024.