Fate Therapeutics (FATE) Sells 5.25M Shares at $1.96/Share

August 8, 2016 8:06 AM EDT

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Fate Therapeutics, Inc. (NASDAQ: FATE) announced today that it has entered into a securities purchase agreement for a private placement with a select group of institutional investors, including funds managed by Franklin Advisers, Inc., under which the investors have agreed to purchase 5,250,000 shares of the Company’s common stock at a price of $1.96 per share, for gross proceeds of approximately $10.3 million. The Company expects to use the proceeds from the transaction primarily to advance its pipeline of programmed cellular immunotherapies and for general corporate purposes.

The Company did not use a placement agent in connection with the transaction. The purchase and sale is expected to close on or before August 10, 2016, subject to customary closing conditions.

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