Benzinga | Jan 4, 2021 04:02PM EST

Fate Therapeutics Announces Proposed Public Offering Of $350M Of Common Stock

SAN DIEGO, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. (the "Company" or "Fate Therapeutics") (NASDAQ:FATE), a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, today announced that it has commenced an underwritten public offering of $350 million of shares of common stock. Fate Therapeutics intends to use the net proceeds from the offering to fund clinical trials and nonclinical studies of its product candidates, the manufacture of its clinical product candidates, the expansion of its cGMP compliant manufacturing operations, including the construction, commissioning and qualification of its new facility, the conduct of preclinical research and development, and for general corporate purposes. In connection with the offering, Fate Therapeutics expects to grant the underwriters a 30-day option to purchase up to an additional $52.5 million of shares of common stock offered in the public offering. All shares of common stock to be sold in the offering will be offered by Fate Therapeutics. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.