LONDON, October 24, 2018 /PRNewswire/ --
This Announcement Contains Inside Information Within the Meaning of the EU Market Abuse Regulation No.596/2014
- LogicBio IPO has closed
- Arix retains a stake of 12.9% in LogicBio
- The new total value of Arix's shareholding in LogicBio is £22.9 million; a £12.6 million increase on total cash invested by Arix
- LogicBio well positioned to develop ground-breaking solutions for patients with severe genetic diseases
Arix Bioscience plc (ARIX.L) ("Arix"), a global healthcare and life science company supporting medical innovation notes one of its Group Businesses, LogicBio Therapeutics, Inc. (LOGC) ("LogicBio") a genome editing company focused on developing medicines to durably treat rare diseases in patients with significant unmet medical need, announced the closing of its initial public offering of 8,050,000 shares of common stock, which includes 1,050,000 shares sold pursuant to the full exercise of the underwriters' option to purchase additional shares, at a public offering price of $10.00 per share for gross proceeds of $80.5 million, before deducting underwriting discounts and commissions and offering expenses payable by LogicBio. LogicBio's common stock began trading on the Nasdaq Global Market under the ticker symbol "LOGC" on 19 October 2018.
Following the IPO, Arix retains a stake of 12.9% in LogicBio (amounting to 2,979,023 shares of common stock), which was valued at £22.9 million at the close of business on 18 October 2018. This represents a gain of £12.6 million on total cash invested in LogicBio by Arix.
A registration statement relating to the shares sold in the offering was declared effective by the Securities and Exchange Commission on 18 October 2018. The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at -877-821-7388 or by email at email@example.com; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 1717, by telephone at 888-603-5847 or by email at firstname.lastname@example.org; William Blair & Company, L.L.C. Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800) 621-0687, or by email at email@example.com .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Arix Bioscience plc
Arix Bioscience plc is a global healthcare and life science company supporting medical innovation. Headquartered in London and with an office in New York, Arix Bioscience sources, finances and builds world class healthcare and life science businesses addressing medical innovation at all stages of development. Operations are supported by privileged access to breakthrough academic science and strategic relationships with leading research accelerators and global pharmaceutical companies.
Arix Bioscience plc is listed on the Main Market of the London Stock Exchange. For further information, please visit http://www.arixbioscience.com.
About LogicBio Therapeutics
LogicBio Therapeutics is a genome editing company focused on developing medicines to durably treat rare diseases in patients with significant unmet medical needs using GeneRide™, its proprietary technology platform. GeneRide™ enables the site-specific integration of a therapeutic transgene, in a nuclease-free and promotorless approach by relying on the native process of homologous recombination to drive lifelong expression. Headquartered in Cambridge, Massachusetts, LogicBio is committed to developing medicines that will transform the lives of pediatric patients and their families.
For more information on Arix, please contact:
Arix Bioscience plc
Charlotte Parry, Head of Investor Relations
Optimum Strategic Communications
Mary Clark, Supriya Mathur
Burns McClellan (US Media & IR Enquiries)
Bill Slattery Jr., Nancie Steinberg