Precigen Announces Up to $125 Million Non-Dilutive Financing
Precigen (Nasdaq: PGEN) has secured a significant non-dilutive credit facility of up to $125 million through Pharmakon Advisors, LP. The financing includes $100 million funded at closing and an additional $25 million available through March 31, 2027. The credit facility matures in five years and carries an interest rate of 6.50% plus three-month SOFR with a 3.75% floor.
The funding will support the US commercialization of PAPZIMEOS, Precigen's novel immunotherapy for recurrent respiratory papillomatosis (RRP) in adults. The company plans to use the proceeds for international market expansion and pursuing pediatric and other HPV-related indications. This strategic financing positions Precigen for its transition into a commercial-stage biopharmaceutical company.
Precigen (Nasdaq: PGEN) ha ottenuto una significativa linea di credito non diluitiva fino a 125 milioni di dollari tramite Pharmakon Advisors, LP. Il finanziamento comprende 100 milioni di dollari erogati alla chiusura e ulteriori 25 milioni di dollari disponibili fino al 31 marzo 2027. La linea di credito ha scadenza a cinque anni e prevede un tasso d'interesse pari al 6,50% più il SOFR a tre mesi con un floor del 3,75%.
I fondi serviranno a sostenere la commercializzazione negli Stati Uniti di PAPZIMEOS, la nuova immunoterapia di Precigen per la papillomatosi respiratoria ricorrente (RRP) negli adulti. L'azienda intende utilizzare i proventi anche per l'espansione nei mercati internazionali e per sviluppare indicazioni pediatriche e altre correlate all'HPV. Questo finanziamento strategico posiziona Precigen per la transizione a una società biofarmaceutica in fase commerciale.
Precigen (Nasdaq: PGEN) ha asegurado una importante línea de crédito no dilutiva por hasta 125 millones de dólares mediante Pharmakon Advisors, LP. La financiación incluye 100 millones de dólares desembolsados al cierre y otros 25 millones disponibles hasta el 31 de marzo de 2027. La línea de crédito vence a cinco años y aplica un tipo de interés de 6,50% más el SOFR a tres meses con un suelo del 3,75%.
Los fondos respaldarán la comercialización en Estados Unidos de PAPZIMEOS, la novedosa inmunoterapia de Precigen para la papilomatosis respiratoria recurrente (RRP) en adultos. La compañía prevé destinar los ingresos a la expansión en mercados internacionales y al desarrollo de indicaciones pediátricas y otras relacionadas con el VPH. Esta financiación estratégica sitúa a Precigen en el camino hacia su transición a una compañía biofarmacéutica en fase comercial.
Precigen (나스닥: PGEN)이 Pharmakon Advisors, LP를 통해 최대 1억 2,500만 달러 규모의 비희석성 신용시설을 확보했습니다. 이번 자금은 종결 시 1억 달러 지급과 추가로 2,500만 달러가 2027년 3월 31일까지 이용 가능하도록 구성되어 있습니다. 신용시설 만기는 5년이며, 이자율은 3개월 SOFR에 6.50%가 더해진 형태로 최저 3.75%의 플로어가 적용됩니다.
이 자금은 성인 재발성 호흡기 유두종증(RRP) 치료를 위한 Precigen의 새로운 면역치료제 PAPZIMEOS의 미국 상용화를 지원할 예정입니다. 회사는 수익을 국제 시장 확장과 소아용 및 기타 HPV 관련 적응증 개발에 사용할 계획입니다. 이번 전략적 자금 조달은 Precigen이 상업 단계의 바이오제약사로 전환하는 데 유리한 위치를 마련합니다.
Precigen (Nasdaq: PGEN) a obtenu via Pharmakon Advisors, LP une importante facilité de crédit non dilutive pouvant aller jusqu'à 125 millions de dollars. Le financement comprend 100 millions de dollars versés à la clôture et 25 millions de dollars supplémentaires disponibles jusqu'au 31 mars 2027. La facilité arrive à échéance dans cinq ans et comporte un taux d'intérêt de 6,50% plus le SOFR à trois mois avec un plancher de 3,75%.
Ces fonds soutiendront la commercialisation aux États-Unis de PAPZIMEOS, la nouvelle immunothérapie de Precigen pour la papillomatose respiratoire récurrente (RRP) chez l'adulte. La société prévoit d'utiliser les produits pour l'expansion sur les marchés internationaux et pour développer des indications pédiatriques et d'autres indications liées au VPH. Ce financement stratégique positionne Precigen pour sa transition vers une entreprise biopharmaceutique en phase commerciale.
Precigen (Nasdaq: PGEN) hat über Pharmakon Advisors, LP eine bedeutende nicht verwässernde Kreditfazilität von bis zu 125 Millionen US-Dollar gesichert. Die Finanzierung umfasst 100 Millionen US-Dollar, die bei Abschluss ausgezahlt werden, sowie zusätzliche 25 Millionen US-Dollar, die bis zum 31. März 2027 abrufbar sind. Die Kreditfazilität hat eine Laufzeit von fünf Jahren und einen Zinssatz von 6,50% zuzüglich dreimonatigem SOFR mit einem Floor von 3,75%.
Die Mittel sollen die US-Kommerzialisierung von PAPZIMEOS unterstützen, Precigens neuer Immuntherapie für rezidivierende respiratorische Papillomatose (RRP) bei Erwachsenen. Das Unternehmen plant, die Erlöse für die Expansion in internationale Märkte sowie für die Verfolgung pädiatrischer und weiterer HPV-bezogener Indikationen zu nutzen. Diese strategische Finanzierung bringt Precigen in Position für den Übergang zu einem kommerziellen Biopharma-Unternehmen.
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Insights
Precigen secures $125M non-dilutive funding, strengthening their financial position for PAPZIMEOS commercialization without shareholder dilution.
Precigen's $125 million credit facility agreement with Pharmakon represents a significant financial milestone that substantially improves their balance sheet without diluting existing shareholders. With
The financing terms include a
This strategic funding comes at a pivotal moment as Precigen transforms from a clinical-stage to commercial organization. Securing non-dilutive financing rather than issuing equity demonstrates management's confidence in PAPZIMEOS's commercial potential and their ability to generate future cash flows. The five-year maturity aligns with typical commercialization timelines, giving Precigen runway to establish market presence before repayment obligations accelerate.
For investors, this deal represents a vote of confidence from sophisticated life sciences investors at Pharmakon, who have committed over
"I am pleased to announce this non-dilutive financing with Pharmakon, a respected leader in strategic life sciences funding," said Helen Sabzevari, PhD, President and CEO of Precigen. "This fortifies our position for robust US commercialization of PAPZIMEOS, our groundbreaking novel immunotherapy, while also supporting efforts to expand to international markets and pursue pediatric and additional HPV-related indications. Precigen has demonstrated the strength of our innovative therapeutic platforms and is now advancing into the next stage as a commercial company. With the potential for revenue from PAPZIMEOS on the horizon, we are well-positioned to deliver meaningful growth and establish Precigen as a leading biopharma innovator."
Harry Thomasian, Jr., Chief Financial Officer of Precigen adds, "Strengthening our balance sheet provides us with the financial flexibility to commercialize PAPZIMEOS while advancing our broader strategic objectives as Precigen enters a period of projected significant growth."
The credit facility provides Precigen with up to
- The first tranche of
$100 million - A second tranche of
$25 million
The credit facility will mature on the fifth anniversary of the closing date of the first tranche. The credit facility bears interest at a variable rate per year equal to
Evercore served as financial advisor and Davis Polk LLP served as legal advisor to Precigen. Akin served as legal advisor to Pharmakon Advisors, LP.
Pharmakon Advisors, LP is a leading investor in non-dilutive debt for the life sciences industry and is the investment manager of the BioPharma Credit funds. Established in 2009, funds managed by Pharmakon Advisors, LP have committed over
Precigen: Advancing Medicine with Precision®
Precigen (Nasdaq: PGEN) is a biopharmaceutical company specializing in the advancement of innovative precision medicines to address difficult-to-treat diseases with high unmet patient need. Precigen is dedicated to advancing scientific breakthroughs from proof-of-concept through commercialization. With a strong commitment to innovation, Precigen is developing a robust pipeline of differentiated therapies across its core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. For more information about Precigen, visit www.precigen.com or follow us on LinkedIn or YouTube.
Trademarks
Precigen, PAPZIMEOS, AdenoVerse, and Advancing Medicine with Precision are trademarks of Precigen and/or its affiliates. Other names may be trademarks of their respective owners.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking" statements within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what the Company expects. Examples of forward-looking statements include, among others, information relating to the Company's business and business plans, the success of efforts to commercialize PAPZIMEOS™ (zopapogene imadenovec-drba) for the treatment of recurrent respiratory papillomatosis (RRP) in adults, the Company's ability to successfully obtain foreign regulatory approvals for PAPZIMEOS, expectations about the safety and efficacy of PAPZIMEOS and the Company's other product candidates, the timing of clinical trials and their results, the Company's ability to commence clinical studies or complete ongoing clinical studies, and the ability of PAPZIMEOS to treat RRP. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. For further information on potential risks and uncertainties, and other important factors, any of which could cause the Company's actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
Investor Contact:
Steven M. Harasym
Tel: +1 (202) 365-2563
investors@precigen.com
Media Contact:
Donelle M. Gregory
press@precigen.com
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SOURCE Precigen, Inc.
