Maze Therapeutics prices 4M shares at $16.25 in private placement

Maze Therapeutics (MAZE) entered into a securities purchase agreement for an oversubscribed private placement of its securities for gross proceeds of approximately $150M, before deducting placement agent fees and other expenses. The private placement includes participation from both new and existing investors including Frazier Life Sciences, Deep Track Capital, Driehaus Capital Management, Janus Henderson Investors, Logos Capital, TCGX, and Venrock Healthcare Capital Partners, as well as other healthcare dedicated funds. The private placement will be for 4,000,002 shares of common stock at a price of $16.25 per share, representing a premium to the last closing price. In lieu of common stock, certain investors purchased 5,231,090 pre-funded warrants at a purchase price of $16.249 per pre-funded warrant, which equals the purchase price per share of common stock, less the $0.001 per share exercise price of each pre-funded warrant. The pre-funded warrants are exercisable at any time after their original issuance and will not expire. The private placement is expected to close on September 12, subject to the satisfaction of customary closing conditions. Maze intends to use the proceeds from the private placement, together with its existing cash, cash equivalents and short-term investments, to advance the development of MZE829 in patients with APOL1-mediated kidney disease, initiate Phase 2 clinical trials of MZE782 in both phenylketonuria and chronic kidney disease, continue progress on research and discovery programs, further the development of its Compass platform, and for working capital and other general corporate purposes. J.P. Morgan, Leerink Partners, TD Cowen and Guggenheim Securities are acting as joint placement agents for the private placement.