- Rezolute, Inc. (RZLT, Financial) prices $90 million offering, targeting significant capital infusion.
- Major participation from prominent investors like Blackstone Multi-Asset Investing and Federated Hermes Kaufmann Funds.
- Funds to support research, development, and operational needs for advanced stages of therapy development.
Rezolute, Inc. (RZLT), a biopharmaceutical company specializing in therapies for rare diseases, has announced the pricing of an underwritten offering of its common stock and pre-funded warrants. The offering, which is priced at-the-market under Nasdaq rules, is expected to raise approximately $90 million in gross proceeds. The offering comprises 20,786,923 shares of common stock priced at $3.25 per share, alongside pre-funded warrants for up to 6,905,385 shares priced at $3.2490 per warrant.
This capital raise, notably involving prominent investors such as Federated Hermes Kaufmann Funds, Blackstone Multi-Asset Investing, and Great Point Partners, underscores strong institutional confidence in the company's strategic direction. The underwriters have been granted a 30-day option to purchase an additional 4,153,846 shares, potentially increasing the total capital raised.
The proceeds from this offering will primarily be directed towards research and development, general corporate expenses, and working capital needs. These funds are crucial for advancing Rezolute's lead antibody therapy, ersodetug, designed to treat hyperinsulinism, into its final development stages. The closing of the offering is anticipated around April 24, 2025, subject to customary closing conditions.
Guggenheim Securities is acting as the sole book-running manager for the offering, while BTIG, H.C. Wainwright & Co., and others are participating as lead and co-managers. This strategic move significantly strengthens Rezolute's balance sheet, potentially extending its operational runway as it navigates toward the commercialization of its rare disease treatments.
