CRISPR Therapeutics Announces $280 Mln Direct Offering Of Shares At $71.50/Share; Stock Drops

(RTTNews) - CRISPR Therapeutics AG (CRSP), Tuesday announced the pricing of approximately $280 million direct offering of shares at $71.50 per share, including a premium of more than 10 percent of the company's 30-day volume-weighted average price.

Samarth Kulkarni, chief executive officer and chairman of CRISPR Therapeutics, said, "This financing bolsters our already strong balance sheet, provides the opportunity for additional value creation, and gives us the flexibility to reach sustainability without requiring additional capital."

The financing led by EcoR1 Capital and SR One, is expected to close on or about February 27.

Currently, CRISPR's stock is sliding 3.70 percent, to $73.51 over the previous close of $76.44 on the Nasdaq.