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Abeona to raise $90M from common stock offering

Abeona Therapeutics Inc. priced a public offering of its common stock to raise about $90 million in gross proceeds.

The New York-based company is offering 26,982,945 shares at $2.50 apiece and pre-funded warrants for 9,017,055 shares at $2.4999 apiece.

Jefferies LLC and SVB Leerink LLC are acting as book-running managers for the offering, and underwriters will receive an option to buy up to an additional 5,400,000 shares from the company.

Great Point Partners, a shareholder of the company, has already agreed to buy $31 million of its common stock in the offering. As a result, Abeona said it had granted Great Point Partners the right to nominate two directors, including a new executive chairman, to its board. To make room for the appointments, Steven Rouhandeh will step down as Abeona's executive chairman but retain a seat on the board, while Mark Alvino and Richard Van Duyne will exit the board altogether.

Abeona intends to use the proceeds from the offering to fund the development of its drugs and for general corporate purposes. On Dec. 20, the European Medicines Agency tagged Abeona's gene therapy ABO-102 as a priority medicine for treating a genetic metabolic disorder called Sanfilippo syndrome type A.

The offering is scheduled to close Dec. 24.