NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia – March 22, 2022 – GeneTether Therapeutics Inc., an EGB Ventures portfolio company (“GeneTether” or the “Company”), announces that it has filed a final prospectus (the “Prospectus”) for a proposed initial public offering (the “Offering”) of units of the Company (the “Units”) for minimum gross proceeds of $4,500,000 (the “Minimum Offering”) and up to maximum gross proceeds of $6,000,000. The Company obtained a receipt for the Prospectus with the securities regulatory authorities in each of the provinces of British Columbia, Alberta and Ontario.
GeneTether’s disruptive proprietary platform technology is focused on highly efficient insertion of DNA into the genome for gene correction and complementation strategies. The Company is developing curative therapies for the treatment of rare genetic diseases, supported by its wholly-owned intellectual property portfolio. GeneTether’s proof of concept study demonstrated that GeneTether’s proprietary technology resulted in an approximately 7x higher gene editing efficiency as compared to the same gene editing payload without application of GeneTether’s technology.
The Units are being offered at a price of $0.60 per Unit (the “Offering Price”). Each Unit consists of one common share of the Company (a “Unit Share”) and one common share purchase warrant of the Company (a “Unit Warrant”). Each Unit Warrant will entitle the holder, subject to the terms and conditions of a warrant indenture to be entered into on or prior to the closing of the Offering, to acquire one additional common share of the Company at a purchase price of $0.72/share for a period of 36 months following the closing date. The Offering is expected to close on or about March 29, 2022.
The Offering is being led by Research Capital Corporation as the lead agent and sole bookrunner.
The Company also announces that it will complete a non-brokered private placement of Units concurrently with the Offering (the “Private Placement”). Securities issued in connection with the Private Placement will be subject to a statutory hold period of four months and a day, in accordance with applicable securities laws. Amounts raised pursuant to the Private Placement will be aggregated with amounts raised under the Offering in determining if the Minimum Offering has been achieved. It is anticipated that certain directors and officers of the Company will participate in the Private Placement and, as a result, the issuance of the Units thereunder would constitute a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Private Placement is exempt from the application of the related party transaction rules under MI 61-101 or the Company otherwise intends to rely on available exemptions in MI 61-101 from the formal valuation and minority shareholder approval requirements thereunder in respect of the Private Placement.
GeneTether has received conditional approval of the Canadian Securities Exchange (“CSE”) to list its Common Shares on the CSE. Listing is subject to the approval of the CSE in accordance with its listing requirements.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined under the U.S. Securities Act) absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Founded by EGB Ventures founder and managing partner, William J. Garner, M.D., and veteran gene editing researcher, R. Geoffrey Sargent, Ph.D., GeneTether is focused on developing its disruptive proprietary platform technology to significantly increase the efficiency of DNA insertion into the genome for gene correction and complementation strategies. The Company’s wholly-owned platform technology uses a proprietary method to “tether” donor DNA templates to the genome editing complex, making the template readily available for use during the genome editing repair stage. The Company is leveraging its platform technology to develop curative therapies for the treatment of rare genetic diseases. GeneTether’s proof of concept study demonstrated an approximately 7x higher gene editing efficiency as compared to the same gene editing payload without application of GeneTether’s technology.
For more information, visit www.genetether.com.
Jean Jen, CFO
GeneTether Therapeutics Inc.
(833) 294-4363 ext. 2
Certain information in this news release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans,” “targets,” “expects” or “does not expect,” “is expected,” “an opportunity exists,” “is positioned,” “estimates,” “intends,” “assumes,” “anticipates” or “does not anticipate” or “believes,” or variations of such words and phrases or state that certain actions, events or results “may,” “could,” “would,” “might,” “will” or “will be taken,” “occur” or “be achieved.” In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information, including statements regarding the timing for completion of the Offering. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by GeneTether as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of GeneTether’s Prospectus available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect GeneTether; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and GeneTether expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Neither the CSE nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this release.