Geron Corporation GERN
announced today the closing of its previously announced public offering
of 22,500,000 shares of its common stock, as well as 3,375,000
additional shares of its common stock pursuant to the full exercise of
the underwriters' option to purchase additional shares. The public
offering price was $4.00 per share and the total net proceeds to Geron
from the public offering are expected to be approximately $96.7 million,
after deducting the underwriting discount and estimated offering
expenses payable by Geron.
Geron intends to use the net proceeds from this public offering to fund
research and development, including the company's planned Phase 2
clinical trial of imetelstat in myelofibrosis, and for working capital
and general corporate purposes.
BofA Merrill Lynch acted as sole book-running manager; Stifel acted as
lead manager and Lazard Capital Markets LLC, Piper Jaffray & Co. and MLV
& Co. acted as co-managers for the offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of these securities, nor will 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.
A shelf registration statement on Form S-3 relating to the public
offering of the shares of common stock described above was filed with
the Securities and Exchange Commission (SEC) and is effective. A
prospectus supplement relating to and describing the terms of the
offering was filed with the SEC and is available on the SEC's web site
at www.sec.gov. Copies of the prospectus supplement may also be obtained
from the offices of BofA Merrill Lynch, 222 Broadway, New York, NY
10038, Attn: Prospectus Department, or via email at
dg.prospectus_requests@baml.com.
About Geron
Geron is a clinical stage biopharmaceutical company developing a
telomerase inhibitor, imetelstat, in hematologic myeloid malignancies.
Forward-Looking Information is Subject to Risk and Uncertainty
Investors are cautioned that statements in this press release regarding
anticipated net proceeds from the offering and Geron's intended use of
the net proceeds from this public offering to fund research and
development, including the company's planned Phase 2 clinical trial of
imetelstat in myelofibrosis, and for working capital and general
corporate purposes constitute forward-looking statements that involve
risks and uncertainties. These risks and uncertainties include, without
limitation, higher than estimated offering expenses; whether a
regulatory agency permits the planned Phase 2 clinical trial to commence
on the expected timeline, or at all, and proceed to completion without
delay, or at all; whether imetelstat can safely be administered to
patients; whether patient enrollment meets Geron's enrollment goals and
timeline; whether Geron is able to raise significant additional capital
to fund its operations and raise capital when needed; whether Geron has
sufficient patent protection to enable it to develop imetelstat; and the
customary risks and uncertainties that biotechnology companies in the
pre-commercial development phase face. If any of these risk and
uncertainties were to occur, it would force Geron to delay, reduce or
terminate its imetelstat clinical development program, which would have
a material adverse affect on Geron's business, operations and stock
price. Actual results may differ materially from the results anticipated
in these forward-looking statements. Additional information on other
potential factors that could affect Geron's results and other risks and
uncertainties can be found under the heading "Risk Factors" in Geron's
Current Report on Form 8-K filed with the SEC on January 30, 2014,
available on the SEC's web site at www.sec.gov. Geron expressly
disclaims any obligation or undertaking to release publicly any updates
or revisions to any forward-looking statements contained herein to
reflect any change in its expectations with regard thereto or any change
in events, conditions or circumstances on which any such statements are
based.
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