Solid Biosciences Announces $60M Private Placement

7/28/19

CAMBRIDGE, Mass., July 26, 2019 (GLOBE NEWSWIRE) -- Solid Biosciences Inc. (Nasdaq: SLDB) today announced that it has entered into a securities purchase agreement with a select group of institutional investors and accredited investors for a $60 million private placement, which is expected to close on or about July 30, 2019, subject to the satisfaction of customary closing conditions.

The private placement includes a mix of new and existing investors, including Perceptive Advisors, LLC, Boxer Capital, LLC, EcoR1 Capital, LLC, Bain Capital Life Sciences, RA Capital Management, Waverly Capital, Invus and certain board members and executive officers.

SVB Leerink acted as the exclusive placement agent to the Company in connection with the private placement.

In this private placement, the Company is selling 10,607,525 shares of common stock at a price of $4.65 per share, representing a premium to the share price as of market close on July 25, 2019. In addition, the Company is selling 2,295,699 pre-funded warrants at a price of $4.64 per warrant, each of which is exercisable for one share of common stock at an exercise price of $0.01.

The Company expects to use net proceeds from the private placement to fund research and development expenses, including the advancement of SGT-001, and for working capital and other general corporate purposes.

About Solid Biosciences

Solid Biosciences is a life science company focused solely on finding meaningful therapies for Duchenne muscular dystrophy (DMD). Founded by those touched by the disease, Solid is a center of excellence for DMD, bringing together experts in science, technology and care to drive forward a portfolio of candidates that have life-changing potential. Solid is progressing programs across four scientific platforms: Corrective Therapies, Disease-Modifying Therapies, Disease Understanding and Assistive Devices.

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