Annexon (ANNX) Announces $130 Million Private Placement Financing

Annexon, Inc. (Nasdaq: ANNX), a clinical-stage biopharmaceutical company developing a new class of complement medicines for patients with classical complement-mediated autoimmune, neurodegenerative and ophthalmic disorders, today announced that it has entered into a securities purchase agreement for a private placement that is expected to result in gross proceeds of approximately $130 million, before deducting placement agent fees and other expenses. The private placement was led by Redmile Group, LLC, with participation by Adage Capital Partners LP, Bain Capital Life Sciences, Driehaus Capital Management, Fairmount, Satter Medical Technology Partners and Venrock Healthcare Capital Partners.

In the private placement, Annexon is selling 9,013,834 shares of common stock, pre-funded warrants to purchase up to 24,696,206 shares of common stock and accompanying warrants to purchase up to 8,427,508 shares of common stock, at a combined price of $3.871250 per share of common stock and accompanying common warrant and $3.870250 per pre-funded warrant and accompanying common warrant. Each pre-funded warrant will have an exercise price of $0.001 per share of common stock, will be exercisable immediately and will be exercisable until exercised in full. The accompanying common warrants will have an exercise price of $5.806875 per share of common stock, will be immediately exercisable and expire on June 30, 2025. The private placement is expected to close on July 11, 2022, subject to the satisfaction of customary closing conditions. The private placement is being conducted in accordance with applicable Nasdaq rules and was priced to satisfy the “Minimum Price” requirement (as defined in the Nasdaq rules).

Jefferies and Cowen are acting as joint placement agents for the private placement.

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