Precigen (PGEN) has provided an update.
Precigen is refocusing its efforts with a strategic prioritization of its portfolio, aligning resources for the potential launch of its first gene therapy. To support this move, the company is initiating a public offering of $30 million in common stock and potentially an additional $4.5 million, subject to market conditions. This financial strategy is part of a broader plan that includes non-cash impairment charges and severance costs, aimed at extending the company’s operational runway into early 2025, which is expected to cover the submission of a biologics license application for their gene therapy product. Precigen is also considering non-dilutive financing options to enhance future liquidity.
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