NEW YORK – Sera Prognostics announced on Monday that it has priced a $50 million public offering of stock and pre-funded warrants.
The Salt Lake City-based firm said that it will sell 1,250,000 Class A common shares at a price of $4.00 per share. Additionally, certain investors will be eligible to buy pre-funded warrants for 11,250,000 Class A common shares at a price of $3.9999 per warrant. The warrants are immediately exercisable.
RBC Capital markets is the book runner for the offering, and Jefferies, TD Cowen, and William Blair are joint book-running managers. The underwriters for the offering will have a 30-day option to buy an additional 1,875,000 Class A shares at the public offering price of $4.00 per share, minus underwriting discounts and commissions.
The offering is expected to close on Feb. 12 subject to customary closing conditions.
Sera said that it expects gross proceeds of $50 million, which it plans to use to expand its commercial infrastructure and capabilities in the US, to prepare for expansion into the EU, and to fund research. The financing will also go toward potential regulatory submission that could support the broader adoption of its PreTRM test and for general corporate purposes.
Sera has developed its PreTRM proteomic blood test to identify during weeks 18-20 of a pregnancy which patients are at increased risk of preterm birth and related complications. The company has said that it expects to ramp up sales of the test this year.