Benitec Biopharma (BNTC) Prices 15.54M Share Offering at $1.93/sh

Benitec Biopharma Inc. (Nasdaq: BNTC) today announced the pricing of its underwritten public offering of 15,544,041 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) and accompanying warrants to purchase up to 15,544,041 shares of common stock. Each share of common stock is being sold together with one common warrant to purchase one share of common stock at a combined offering price of $1.93 and each pre-funded warrant, if any, is being sold together with one common warrant to purchase one share of common stock at a combined offering price of $1.9299. The pre-funded warrants, if any, will be immediately exercisable until exercised in full at an exercise price of $0.0001 per share of common stock. The common warrants will be immediately exercisable at an exercise price of $3.86 per share of common stock and will expire on the fifth anniversary of such initial exercise date. The offering is expected to close on August 11, 2023, subject to customary closing conditions. In addition, Benitec has granted the underwriter a 30 day option to purchase an additional 2,331,606 shares of common stock and/or common warrants to purchase up to an additional 2,331,606 shares of common stock at the public offering price, less discounts and commissions.

The aggregate gross proceeds to Benitec from the public offering are expected to be approximately $30 million, prior to deducting underwriting discounts, commissions and other estimated offering expenses. The institutional investors participating in the offering are expected to include Adage Capital Partners LP, Janus Henderson Investors and Suvretta Capital, as well as other new and existing investors.

The Company intends to use the net proceeds from this financing to support the clinical development of BB-301, including the natural history lead-in study and the Phase 1b/2a BB-301 treatment study, for the continued advancement of development activities for other existing and new product candidates, for general corporate purposes and for strategic growth opportunities.

JMP Securities, A Citizens Company, is acting as sole book-running manager for the offering.

The Securities and Exchange Commission (“SEC”) declared effective a registration statement on Form S-1 relating to these securities on August 8, 2023. A final prospectus relating to this offering will be filed with the SEC. The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained, when available, from Citizens JMP Securities, LLC, 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, Attention: Prospectus Department, or by calling (415) 835-8985, or by email at [email protected]. Investors may also obtain these documents at no cost by visiting the SEC’s website at http://www.sec.gov.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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