Mersana Therapeutics Announces Pricing of Public Offering of Common Stock

Mersana Therapeutics (NASDAQ:MRSN) has announced the pricing of an underwritten public offering of 21.25 million shares of common stock at US$4 per share.

As quoted in the press release:

Gross proceeds to Mersana from the offering are expected to be $85.0 million, before deducting underwriting discounts and commissions and offering expenses payable by Mersana. In addition, Mersana has granted the underwriters a 30-day option to purchase up to an additional 3,187,500 shares of common stock, at the public offering price less underwriting discounts and commissions. All shares are being sold by Mersana. The offering is expected to close on March 5, 2019, subject to the satisfaction of customary closing conditions.

SVB Leerink is acting as sole book-running manager for the offering. Wedbush PacGrow is acting as co-manager for the offering.

Mersana intends to use the net proceeds from the offering to support clinical development of XMT-1536, to progress Mersana’s next ADC product candidates into Phase 1 clinical development, to progress Mersana’s early platform development and the balance to fund working capital, capital expenditures and other general corporate purposes.

The shares of common stock described above are being offered by Mersana pursuant to a shelf registration statement on Form S-3 (File No. 333-226055), which was declared effective by the Securities and Exchange Commission (SEC) on September 17, 2018. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on February 28, 2019. The final prospectus supplement relating to the offering will be filed with the SEC. When available, you may obtain copies of the final prospectus supplement and the accompanying prospectus from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, by telephone at 800-808-7525, ext. 6132 or by email at syndicate@svbleerink.com. Electronic copies of the final prospectus supplement and the accompanying prospectus will also be available on the website of the SEC at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the offering, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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