Fate Therapeutics Prices Public Offering Of 6 Mln Shares At $5.00 Per Share

(RTTNews) - Fate Therapeutics, Inc. (FATE) announced the pricing of an underwritten public offering of 6 million shares of its common stock at a public offering price of $5 per share, before underwriting discounts, for an aggregate offering of $30 million.

The company has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of its common stock.

The proceeds to Fate Therapeutics from this offering are expected to be about $27.7 million after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding any exercise of the underwriters' option.

Fate Therapeutics intends to use the net proceeds from the offering for clinical development and research activities, working capital and other general corporate purposes. The offering is expected to close on or about May 27.

Leerink Partners LLC and BMO Capital Markets Corp. are acting as joint book-running managers for the offering. Wedbush PacGrow and H.C. Wainwright & Co., LLC are the co-managers.