By Sarina Isaacs
Shares of Senti Biosciences soared on an oversubscribed private placement and positive early results for a proposed blood cancer treatment.
The stock climbed 437% to $11.59 in late-morning trading, and earlier was up nearly eightfold to $16.94, prompting a pause in trading due to volatility.
The South San Francisco, Calif.-based developer of cell and gene therapies said Monday that it inked a securities purchase agreement with certain investors for a private placement of 16,713 convertible preferred shares, for gross proceeds of about $37.6 million. The financing is expected to close by Dec. 5.
Senti also said investors will have the right to exercise warrants to buy up to about another 25.1 million shares of common stock, upon shareholder approval, and that a certain investor will have the option to pick up another 4,444 shares of preferred stock and accompanying warrants for about $10 million in gross proceeds.
The private placement financing was led by Celadon Partners.
The company additionally said Monday that, in a phase 1 trial for its gene circuit platform for treatment of acute myeloid leukemia and other relapsed/refractory hematologic malignancies, two of three patients achieved complete remission. The patients remain in remission three and four months later, the company said.
Senti added that the administered dose had a generally well-tolerated preliminary safety profile, and that further data is expected next year after continuing dose escalation.
Write to Sarina Isaacs at sarina.isaacs@wsj.com
(END) Dow Jones Newswires
December 02, 2024 11:36 ET (16:36 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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