**Precigen Announces Private Placement of Preferred Stock and Warrants**

Precigen, Inc. (NASDAQ: PGEN), a biopharmaceutical company focused on gene and cell therapies, revealed on December 27, 2024, that it had entered into a Securities Purchase Agreement for the sale of 8.00% Series A Convertible Perpetual Preferred Stock and warrants for common stock. The agreement involved investors, including executive chairman Randal J. Kirk, Patient Capital Management affiliates, and others, with gross proceeds of $79.0 million from the sale of 79,000 shares of Preferred Stock. These funds are slated for general corporate purposes and working capital. The offering finalized on December 30, 2024.

Alongside this, on the same day, Precigen submitted Articles of Amendment to the Virginia State Corporation Commission to modify its Articles of Incorporation. These changes established preferences, limitations, and rights of the Preferred Stock. These alterations were effective following certification on December 30, 2024.

Dividends for the Preferred Stock will be paid annually by Precigen’s board of directors or, initially, through an increase in stated value with Warrants, subject to shareholder approval. The Preferred Stock may also be redeemed by Precigen or repurchased in the event of a “fundamental change.” Convertibility into Common Stock is available upon certain conditions, with an initial conversion rate of 888.8888 shares per $1,000 stated value.

The offering of Preferred Stock and Warrants, which were not registered under the Securities Act, was made through a private placement. The company provided a Registration Rights Agreement for Investors.

The completion of these financial transactions further strengthens Precigen’s position, allowing the extension of funds well into 2026, enabling potential commercial launches and development.

Precigen did not neglect to furnish a press release showcasing its completion of the BLA submission for PRGN-2012 to the FDA on December 30, 2024, seeking priority review for the treatment of adults with Recurrent Respiratory Papillomatosis.

The company remains optimistic about the advancements made, fostering hopes for providing a pioneering therapeutic solution for patients grappling with RRP, signifying a crucial milestone in medical innovation. For more detailed information, kindly refer to the full 8-K filing on Precigen’s official corporate website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Precigen’s 8K filing here.

Precigen Company Profile

Precigen, Inc operates as a discovery and clinical-stage biopharmaceutical company that develops gene and cell therapies using precision technology to target diseases in therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. It operates through two segments, Biopharmaceuticals and Exemplar.