LogicBio Therapeutics, Inc. (LOGC) To Spend Proceeds of Public Offering To Strengthen Its Product Development Plans

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LogicBio Therapeutics, Inc. (LOGC) is a biotechnology company dedicated to extend the scope of genetic medicine with pioneering targeted delivery platforms. The company recently closed the underwritten public offering of its common stock. The company offered 8.05 million shares of its common stock to the public at a per share price of $6.00.

Included in the offerings was an underwriters’ fully exercisable option to purchase additional shares of the company’s common stock. LogicBio generated gross proceeds of $48.3 million from the offering while net proceeds are subject to payment of underwriting discounts and commissions and expenses related to the offering to be payable by the company.

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Chardan was the lead manager for the offering while William Blair, Jefferies, and Barclays were the joint book-running managers for the offering.

LogicBio is intending using the net proceeds to primarily fund specific development purposes with remainder to fund capital expenditures, working capital and other general corporate purposes. Those specific purposes include accelerating the development of its Next Generation Capsid and GeneRide platforms, supporting clinical development of LB-00, and expanding pipeline of product candidates into other indications as future prospective of its platforms.

Previously at the time of announcing the pricing of its underwritten public offering, the company priced 7 million shares of its common stock at a price to the public of $6.00 per share. At the time, LogicBio has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares of common stock, at the public offering price less underwriting discounts and commissions.

Company commenced the offering on October 1, 2020 and was initially expecting closing the offering by October 5, 2020 subject to satisfactory completion of the customary closing conditions. The company came closing the common stock offering as per plan and has sold all offered shares by itself.