Zymeworks Inc, a clinical-stage biopharmaceutical company, said on Tuesday that it had entered into a securities purchase agreement with funds affiliated with EcoR1 Capital LLC.
Under the agreement, Zymeworks Inc will offer an aggregate of 5,086,521 pre-funded warrants to purchase 5,086,521 shares of common stock, $0.00001 par value per share.
The proceeds from the offering are to help broaden and potentially speed up Zymeworks Inc’s ‘5 by 5’ research and development strategy, with investigational new drug application filings for ZW171 and ZW191 slated for next year, as well as for use in financing general corporate purposes.
The aggregate gross proceeds from the offering are expected to be about $50 million, prior to the deduction of estimated offering expenses.
“We are grateful for the ongoing commitment and additional financial support from our largest stockholder, EcoR1 Capital, as we work towards making a meaningful difference for people impacted by difficult-to-treat cancers and other serious diseases,” Kenneth Galbraith, Chairman and Chief Executive Officer of Zymeworks Inc, said in a press release.
“The proceeds from this transaction allow us to further strengthen our financial position and extend our cash runway ahead of key milestones and events expected in 2024 and 2025.”
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