Seres Therapeutics Announces $100 Mln Direct Offering Of Stock

(RTTNews) - Seres Therapeutics, Inc. (MCRB), a microbiome therapeutics firm, on Thursday announced the registered direct offering of 31.746 million shares at $3.15 per share for gross proceeds of around $100 million.

The offering is expected close on July 5.

The company said it intends to use the net proceeds from the offering for commercial readiness and manufacture of SER-109 for the U.S. market, including expanding longer-term commercial manufacturing capacity; advancing the clinical development of SER-109 for the EU market; and other general corporate and working capital purposes. SER-109 is an oral microbiome therapeutic candidate consisting of a consortium of highly purified Firmicutes spores, which normally live in a healthy microbiome.

The offering included participation of Federated Hermes Kaufmann Funds, Flagship Pioneering, Heights Capital Management, Inc., Janus Henderson Investors, and Nestlé Health Science, as well as other new and existing investors.

J.P. Morgan Securities LLC is serving as the exclusive placement agent for the offering.