Aclaris Therapeutics announced a private placement of 35.56 million shares, raising approximately $80 million for R&D and corporate purposes.
Quiver AI Summary
Aclaris Therapeutics, Inc. announced that it has entered into a securities purchase agreement for a private placement of 35,555,555 shares of common stock at $2.25 per share, totaling approximately $80 million in gross proceeds. The placement, expected to close on November 19, 2024, was led by Vivo Capital and involved participation from several investors. The proceeds will be used to fund research and development for Aclaris' pipeline of treatments for immuno-inflammatory diseases. The shares will not be registered under the Securities Act, and a registration rights agreement was also established to facilitate future resale of the shares. The press release includes forward-looking statements about the anticipated closing of the placement and use of proceeds, which are subject to risks and uncertainties.
Potential Positives
- Aclaris Therapeutics successfully secured approximately $80 million in gross proceeds through a private placement of common stock, enhancing its financial capacity for research and development.
- The participation of notable investors such as Vivo Capital, RA Capital Management, and Adage Capital Partners LP demonstrates strong market confidence in Aclaris' business model and pipeline.
- The net proceeds from this financing are expected to support the development of Aclaris' pipeline, which focuses on novel treatments for immuno-inflammatory diseases, indicating potential future growth and innovation.
- Aclaris has committed to filing a registration statement with the SEC, which may facilitate future liquidity for investors and transparency in operations.
Potential Negatives
- The private placement of shares at $2.25 per share may indicate a lack of confidence in the company's stock price, as it represents a significant dilution of existing shareholders' equity.
- The securities sold in the private placement are unregistered, which can limit their tradeability and potentially concern investors regarding the liquidity of their investment.
- The reliance on investors for funding suggests that Aclaris may be facing financial constraints, which could affect its research and development efforts.
FAQ
What is Aclaris Therapeutics' recent funding announcement?
Aclaris Therapeutics announced a private placement of 35,555,555 shares at $2.25 per share, raising approximately $80 million.
Who participated in the private placement?
The private placement was led by Vivo Capital and included investors like Forge Life Science Partners and RA Capital Management.
What will the proceeds be used for?
Net proceeds are expected to fund research and development as well as general corporate purposes.
What are the registration requirements for the securities?
The securities are not registered under the Securities Act and cannot be sold in the U.S. without registration or an exemption.
Where can I find more information about Aclaris Therapeutics?
More information is available on Aclaris' website under the “Investors” section and through their SEC filings.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ACRS Insider Trading Activity
$ACRS insiders have traded $ACRS stock on the open market 21 times in the past 6 months. Of those trades, 21 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $ACRS stock by insiders over the last 6 months:
- BRADEN MICHAEL LEONARD has traded it 21 times. They made 21 purchases, buying 4,854,052 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$ACRS Hedge Fund Activity
We have seen 30 institutional investors add shares of $ACRS stock to their portfolio, and 74 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BML CAPITAL MANAGEMENT, LLC added 1,261,866 shares (+9.7%) to their portfolio in Q3 2024
- BAIN CAPITAL LIFE SCIENCES INVESTORS, LLC removed 1,000,000 shares (-100.0%) from their portfolio in Q3 2024
- JACOBS LEVY EQUITY MANAGEMENT, INC added 915,509 shares (+inf%) to their portfolio in Q3 2024
- QUBE RESEARCH & TECHNOLOGIES LTD removed 647,907 shares (-68.9%) from their portfolio in Q3 2024
- GOLDMAN SACHS GROUP INC removed 615,064 shares (-67.1%) from their portfolio in Q3 2024
- STONEPINE CAPITAL MANAGEMENT, LLC added 531,427 shares (+27.6%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC removed 510,649 shares (-58.3%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
WAYNE, Pa., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Aclaris Therapeutics, Inc. (NASDAQ: ACRS) (the “Company” or “Aclaris”), a clinical-stage biopharmaceutical company focused on developing novel drug candidates for immuno-inflammatory diseases, today announced that it has entered into a securities purchase agreement with a group of accredited investors for the private placement of 35,555,555 shares of common stock at a purchase price of $2.25 per share, for gross proceeds of approximately $80.0 million. The private placement is expected to close on or about November 19, 2024, subject to the satisfaction of customary closing conditions.
The private placement was led by Vivo Capital, with participation by new and existing investors including Forge Life Science Partners, Rock Springs Capital, RA Capital Management, Adage Capital Partners LP, Decheng Capital, Logos Capital and Samsara BioCapital.
Net proceeds from the private placement are expected to fund the research and development of its pipeline and for general corporate purposes.
The securities being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Concurrently with the execution of the securities purchase agreement, the Company and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission (the "SEC") registering the resale of the shares of common stock sold in the private placement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
Leerink Partners and Cantor acted as placement agents in connection with the private placement.
About Aclaris Therapeutics, Inc.
Aclaris Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates to address the needs of patients with immuno-inflammatory diseases who lack satisfactory treatment options. The company has a multi-stage portfolio of drug candidates powered by a robust R&D engine exploring protein kinase regulation.
Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “potential,” “will,” and similar expressions, and are based on Aclaris’ current beliefs and expectations. These forward-looking statements include statements regarding the closing of the private placement and anticipated use of proceeds. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include, but are not limited to, risks related to market conditions and the satisfaction of closing conditions for the private placement, uncertainties inherent in the conduct of clinical trials, Aclaris’ reliance on third parties over which it may not always have full control, Aclaris’ ability to enter into strategic partnerships on commercially reasonable terms, the uncertainty regarding the macroeconomic environment and other risks and uncertainties that are described in the Risk Factors section of Aclaris’ Annual Report on Form 10-K for the year ended December 31, 2023, and other filings Aclaris makes with the SEC from time to time. These documents are available under the “SEC Filings” page of the “Investors” section of Aclaris’ website at www.aclaristx.com . Any forward-looking statements speak only as of the date of this press release and are based on information available to Aclaris as of the date of this release, and Aclaris assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.
Aclaris Therapeutics Contact:
