Spyre raises $180M PIPE via 6M common shares at $15 and 150K Series B convertible preferred

Spyre Therapeutics, Inc.

6,000,000 common shares at $15/share and 150,000 Series B preferred shares at $600/share (convertible into 40 common each).
Gross proceeds ~$180M; closing expected Dec 11, 2023; net proceeds to fund pipeline and extend cash runway into H2 2026.
Investor group includes Access Biotechnology, Venrock, Perceptive Advisors, RTW Investments, Braidwell, Fairmount, Cormorant, Polar Capital, Boxer Capital, Deep Track Capital, and others.
Jefferies, TD Cowen, Stifel, Guggenheim, and LifeSci Capital acted as joint placement agents.
Series B preferred is non-voting; converts automatically upon stockholder approval, subject to 19.9% beneficial ownership cap.

item 1.01 item 5.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Spyre Therapeutics, Inc.: Certificate of Designation filed for Series B Non-Voting Convertible Preferred Stock (effective 2023-12-08).

Change: charter amendment
Effective: 2023-12-08

Exact text from the filing

On December 8, 2023, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of the Series B Non-Voting Convertible Preferred Stock with the Secretary of State of the State of Delaware (the “ Certificate of Designation ”) in connection with the Private Placement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Spyre Therapeutics, Inc. entered into Securities Purchase Agreement with certain institutional and accredited investors valued at $180.0 million (effective 2023-12-07).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional and accredited investors
Value: $180.0 million
Effective: 2023-12-07

Exact text from the filing

On December 7, 2023, Spyre Therapeutics, Inc., a Delaware corporation (the “ Company ”), entered into a Securities Purchase Agreement (the “ Purchase Agreement ”) for a private placement (the “ Private Placement ”) with certain institutional and accredited investors

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42 governance changes filed in the last 30 days. Browse all governance changes →

Spyre Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-291257

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