Genome editing company, Precision BioSciences, raised $126.4 million in its IPO on Wednesday. The company sold 7.9 million shares of stock at a public offering price of $16 per share. When it initially filed for its IPO, the company had hoped to raise $100 million.
Precision stated in its initial filing that “management will retain broad discretion” over the net proceeds from the IPO. Resources might be spent to pursue particular research programs or product candidates that are less successful or profitable as well.
The company also said it may use some of the proceeds to in-license, acquire or invest in other businesses and assets.
Precision raised $88 Million in private equity financing in June of 2018. In September of 2018, the company also formed a collaboration with Gilead to develop hepatitis B infections. The deal is potentially worth up to $445 million. The therapy under development by the two companies is intended to offer a cure to those suffering with hepatitis B.