BioCryst to raise $65.3M in private placing

USA-based BioCryst Pharmaceuticals says that it has signed a definitive agreement to raise $65.3 million in a private placement of around 8.3 million shares of its common stock and warrants to purchase an additional some 3.2 million. The purchase price is $7.80 per share, the closing Nasdaq composite bid price for the company's common stock immediately preceding execution of the definitive agreement for the transaction and the exercise price for the warrants is $10.25. Investors in the financing will pay an additional purchase price equal to $0.125 for each share underlying the warrants. Completion of the private placement is subject to certain closing conditions.

Participants in the transaction include funds managed by Baker Brothers Investments, Kleiner Perkins Caufield & Byers, EHS Holdings, OrbiMed Advisors, Texas Pacific Group Ventures and Stephens Investment Management.

Jon Stonehouse, chief executive of BioCryst, said: "the completion of the offering is a vote of confidence in the company's future and strengthens our balance sheet allowing us to bolster the company's fundamentals. BioCryst is now in a stronger position to execute on our plans, advancing key development programs through late-stage human trials while also mining our productive discovery engine for new compounds to move into the clinic."