On Tuesday, it was announced that Geron Corporation would disclose the pricing of an underwritten offering and pre-funded warrants.
The offering would include approximately 42 million shares of its common stock, each priced at $3.00. In addition, there will be pre-funded warrants available for the purchase of more than 8 million shares of its common stock, each priced at $2.999. Geron intends to sell all the securities in the offering.
It is expected that Geron will generate gross proceeds of around $150.0 million from this underwritten offering.
Geron aims to use the net proceeds from this offering, combined with its existing cash reserves, for potential business-related activities. For instance, the funds may be used for the commercialization of imetelstat in specified syndromes in both the U.S. and EU, should they receive regulatory approval. Furthermore, the funds will support the ongoing development and potential regulatory submissions for imetelstat. The remaining proceeds will be allocated toward working capital and general corporate expenses.
The offering is scheduled to close by March 21, 2024, given that all customary closing conditions are met.
