Assembly Biosciences announces $12.6M in equity financings

Assembly Biosciences (ASMB) closed the issuance of shares of its common stock and warrants to Armistice Capital and Gilead Sciences, Inc. (GILD), in separate equity financings that have resulted in aggregate gross proceeds to Assembly Bio of approximately $12.6 million, before deducting expenses. The sale of common stock to Gilead maintains Gilead’s ownership of 19.9 percent of the outstanding voting stock of Assembly Bio as of the date of closing pursuant to the terms of the Investor Rights Agreement entered into between Assembly Bio and Gilead in October 2023. Assembly Bio and Gilead have also agreed to extend the time period to satisfy certain conditions related to Assembly Bio’s right to require Gilead to increase its ownership from 19.9 percent up to 29.9 percent of Assembly Bio’s outstanding voting stock at a premium. Assembly Bio sold 634,500 shares of common stock and warrants to purchase up to 634,500 shares to Armistice Capital, and sold 179,500 shares of common stock and warrants to purchase up to 179,500 shares to Gilead, in each case, at a combined price of $15.46 per share of common stock and accompanying warrant. The warrants have an exercise price of $17.00 per share of common stock, will be immediately exercisable and will expire on June 18, 2029. Assembly Bio currently expects to use the net proceeds from the equity financings for general corporate purposes.