GreenLight Biosciences announces $109 million financing

GreenLight Biosciences announces $109 million financing

GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation striving to bring effective and safe solutions to make food clean and affordable for everyone and dedicated to developing health solutions for every person on our planet, today announced a private placement of approximately $109 million.

"GreenLight's RNA platform has continued to prove its value as our research and development addresses a wide range of solutions to the world's challenges," said Andrey Zarur, CEO of GreenLight. "We are grateful for the support, conviction, and trust of our returning investors. We are also delighted to welcome new investors who have decided to join GreenLight in our mission to feed the world and keep it healthy.

"This funding enables our delivery of the first-ever externally applied RNA for crop protection. In coming months, we anticipate EPA approval and launch of Calantha™, our solution for control of the Colorado potato beetle. Later this year, we plan to make a regulatory submission of our solution targeting varroa mites, which are decimating honeybee colonies around the globe.

"In recent months, we have manufactured mRNA at scale with Samsung Biologics and launched partnerships to develop vaccines with the Vaccine Research Center at the National Institutes of Health and with The Serum Institute of India." GreenLight will be working to develop vaccines for COVID and shingles in the coming months.

"We are excited to support advances in GreenLight's mission, as demonstrated by recent partnerships with leading global institutions like Samsung, Serum Institute, and the National Institutes of Health," said Matt Walker, a Managing Director at S2G Ventures and member of GreenLight's Board of Directors. "This capital infusion from new and existing investors is not just a vote of confidence in GreenLight's team and technology platform, but also in its commercial progress and growing pipeline of opportunities in human and plant health."

The financing includes participation from new and existing institutional investors, including S2G Ventures, BNP Paribas Ecosystem Restoration Fund, Continental Grain Company, Cormorant Asset Management, the Cummings Foundation, Fall Line Capital, the FTX Foundation, Insud Pharma, Morningside Venture Investments, Rivas Capital, Sigmas Group, SymBiosis and certain directors and executive officers of GreenLight.

GreenLight intends to use the net proceeds from the financing to advance its development of research and commercial programs and for working capital and general corporate purposes. The proceeds from this financing, combined with current cash and cash equivalents, is expected to be sufficient to fund operations through the first half of 2023. The Company continues to evaluate a range of opportunities to extend its cash runway, including management of program spending, platform licensing collaborations and potential financing activity.

GreenLight has agreed to sell approximately 27,844,383 shares of its common stock to a select group of institutional and accredited investors in a private placement, at a price per share of $3.92. Gross proceeds are expected to be approximately $109 million, before deducting offering expenses.

Credit Suisse and Baird served as joint placement agents for the private placement and Goodwin Procter served as legal counsel.

The securities described above have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. GreenLight has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock issued in this private placement.

About GreenLight Biosciences

GreenLight Biosciences (Nasdaq: GRNA) aims to address some of the world's biggest problems by delivering on the full potential of RNA for human health and agriculture. Our RNA platform allows us to research, design, and manufacture for human, animal, and plant health. In human health, this includes messenger RNA vaccines and therapeutics. In agriculture, this includes RNA to protect honeybees and a range of crops. The Company's platform is protected by numerous patents. GreenLight's human health product candidates are in the pre-clinical stage, and its product candidates for the agriculture market are in the early stages of development or regulatory review.

Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to GreenLight's future finances, operations, or scientific developments. These forward-looking statements generally are identified by the words "aim to", "believe," "project," "target", "enables", "potential", "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including failure to receive regulatory approval, the evolution of the Covid-19 pandemic and therapies to address that pandemic, our ability to raise and productively deploy capital and the rate at which we can successfully bring products to market. The important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to, risks and uncertainties detailed from time to time in the Company's reports that it files with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 31, 2022 with the SEC, as well as its Quarterly Reports on Form 10-Q and periodic filings on Form 8-K. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. For additional information on GreenLight and potential risks associated with investing, please see our public filings at https://www.sec.gov/edgar/browse/?CIK=1822691&owner=exclude.

Media Contact:
David Pesci
Head of Media Relations
GreenLight Biosciences
dpesci@greenlightbio.com
press@greenlightbio.com

Investor Contact:
investors@greenlightbio.com
https://investors.greenlightbio.com/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/25a156c2-b21f-4a73-a49f-c7cc84cadcd3


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

GRNA
The Conversation (0)
GreenLight Biosciences Announces Third Quarter 2022 Financial Results and Highlights Recent Company Progress

GreenLight Biosciences Announces Third Quarter 2022 Financial Results and Highlights Recent Company Progress

  • Working toward clinical trial initiation for COVID vaccine candidate in 2023
  • Shingles vaccine candidate selection planned for 2023 in partnership with Serum Institute of India
  • Calantha™, Colorado potato beetle solution, commercial launch planned for 2023, subject to regulatory approval
  • Honeybee solution EPA submission planned for 2023
  • Strategic realignment focused on near-term value drivers.

GreenLight Biosciences Holdings, PBC (Nasdaq:GRNA), a public benefit corporation striving to bring effective and safe solutions to make food clean and affordable for everyone and dedicated to developing health solutions for every person on our planet, today reported operational highlights and financial results for the third quarter ended September 30, 2022.

"We continue to make progress against our key goals, which include obtaining proof-of-concept for our mRNA platform in human health and progressing late-stage plant health programs toward commercialization. This quarter we carried out a strategic realignment to better optimize our R&D efforts and prioritize our nearer-term value drivers. These efficiencies, combined with our August financing, will help us navigate today's challenging market conditions," said Andrey Zarur, CEO of GreenLight. "In 2023, pending EPA approval, we anticipate bringing Calantha™, the first-ever foliar-applied RNA solution for crop protection, to market and submitting a regulatory application for our honeybee solution. In addition, we are pursuing potential opportunities to enable us to initiate clinical trials for our COVID-19 vaccine candidate and continuing to work with Serum Institute of India (SII) on identifying and developing a shingles vaccine candidate."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GreenLight Biosciences to Participate in Upcoming Investor Conferences in November

GreenLight Biosciences to Participate in Upcoming Investor Conferences in November

GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation striving to deliver on the potential of RNA to address some of the world's toughest problems in human health and agriculture, today announced that Dr. Andrey Zarur, CEO, and Susan Keefe, CFO will participate in two upcoming investor conferences in November.

Credit Suisse 31 st Annual Healthcare Conference
Date: Tuesday, November 8, 2022
Location: Rancho Palos Verdes, CA – GreenLight to participate virtually

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GreenLight Biosciences announces realignment to focus on near-term value drivers

GreenLight Biosciences announces realignment to focus on near-term value drivers

GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation striving to bring effective and safe solutions to make food clean and affordable for everyone and dedicated to developing health solutions for every person on our planet, today announced a realignment to focus on key near-term value drivers and extend its cash runway.

Key changes include further optimizing GreenLight's organizational structure to better serve the company's operations and more efficiently support the research, development and commercialization of its plant health and human health pipelines, primarily by integrating GreenLight's platform team into the respective teams for human health and plant health. These integrations come with a staff reduction of approximately 25%.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GreenLight Biosciences and Queensland University of Technology partner to tackle destructive fall armyworm using RNA

GreenLight Biosciences and Queensland University of Technology partner to tackle destructive fall armyworm using RNA

  • GreenLight Biosciences and Queensland University of Technology (QUT) partner to create a solution for fall armyworm

  • Fall armyworm is one of the most destructive insect pests on the planet, causing   more than US$2 billion in annual   crop loss worldwide

  • The Australian government has been searching for a more environmentally-friendly solution to fall armyworm and is supporting the partnership with a AUD$400,000 grant

Researchers from Boston's GreenLight Biosciences and the Queensland University of Technology (QUT) in Brisbane, Australia, have announced an agreement to develop a solution to fall armyworm, which causes more than US$2 billion in annual global crop loss.

The partnership includes an Australian government grant to QUT of more than AUD$400,000 from the Australian Research Council. It brings together the teams of two preeminent researchers, Dr. Julia Bally and Professor Peter Waterhouse from the QUT Centre for Agriculture and the Bioeconomy , and GreenLight's Plant Health research and development team.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
GreenLight Biosciences Announces Second Quarter 2022 Financial Results and Highlights Recent Company Progress

GreenLight Biosciences Announces Second Quarter 2022 Financial Results and Highlights Recent Company Progress

GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation striving to bring effective and safe solutions to make food clean and affordable for everyone and dedicated to developing health solutions for every person in our planet, today reported operational highlights and financial results for the second quarter ended June 30, 2022.

"GreenLight's RNA platform has continued to prove its value for developing a wide range of solutions to feeding the world and keeping it healthy. We founded GreenLight to change the world, and we have continued to make progress this quarter," said Andrey Zarur, CEO of GreenLight. "Today, we are pleased to announce a capital infusion of $108.4 million. We are grateful for the support, continued faith, and trust of our longtime investors. We also welcome new investors who have decided to join GreenLight in our mission to help feed the world and keep it healthy. This will allow us to continue to make progress across our pipeline.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
ASX:HIQ

HITIQ Announces Exclusive Global Agreement with Shock Doctor for PROTEQT Instrumented Mouthguard

Common Shareholder Questions – Entitlement Offer

HITIQ Limited (ASX: HIQ) (HITIQ or the Company), a pioneer in concussion management, proudly announces an exclusive global agreement with Shock Doctor, the world’s leading mouthguard innovator. This landmark agreement marks Shock Doctor’s two-year effort to design a mouthguard that will integrate HITIQ’s PROTEQT technology. The result is a fully developed, market-ready solution that merges HITIQ’s smart sensor technology with Shock Doctor’s unmatched global production partner capabilities.

Keep reading...Show less
U.S. FDA Approves Expanded Indication for AbbVie's MAVYRET®  as First and Only Treatment for People with Acute Hepatitis C Virus

U.S. FDA Approves Expanded Indication for AbbVie's MAVYRET® as First and Only Treatment for People with Acute Hepatitis C Virus

  • MAVYRET ® (glecaprevir/pibrentasvir) is the first and only oral eight-week pangenotypic treatment option approved for people with acute or chronic hepatitis C virus (HCV)*
  • With this approval, providers can now treat HCV patients immediately at the time of diagnosis
  • HCV is a curable condition, but patients can often go undiagnosed. 1 If left untreated, people with acute HCV   could progress to chronic disease, including liver-related complications, such as cirrhosis or liver cancer 1
  • The approval supports global clinical guidelines to advance testing and treatment for people with HCV regardless of chronicity, and supports public health goals for disease elimination

AbbVie (NYSE: ABBV) today announced that the U.S. Food and Drug Administration (FDA) approved a label expansion for MAVYRET ® (glecaprevirpibrentasvir), an oral pangenotypic direct acting antiviral (DAA) therapy. It is now approved for the treatment of adults and pediatric patients three years and older with acute or chronic hepatitis C virus (HCV) infection without cirrhosis or with compensated cirrhosis. With this approval, MAVYRET is the first and only DAA therapy approved to treat patients with acute HCV in eight weeks with a 96% cure rate. 2,†

HCV is a highly infectious blood-borne disease affecting the liver. 1 People recently infected, or those with acute HCV, may not have symptoms. 1 If left untreated, HCV could lead to liver-related complications, such as cirrhosis or liver cancer. 1 The United States is expected to incur ~$120 billion in total medical costs over the next 10 years through 2035 linked to chronic liver disease and other related conditions caused by untreated HCV. 3

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
HeartSciences Inc

HeartSciences Receives FDA Breakthrough Device Designation for MyoVista Insights AI-ECG Algorithm for Detecting Aortic Stenosis

Aortic Stenosis is a Serious and Widespread Condition; The AI-ECG Algorithm Offers a Powerful Diagnostic Solution Designed for Seamless Integration with Hospital EHR Systems

Keep reading...Show less
AbbVie Invites People Living with Migraine to Enter the Second Annual AbbVie Migraine Career Catalyst Award Contest to Support Their Professional Goals

AbbVie Invites People Living with Migraine to Enter the Second Annual AbbVie Migraine Career Catalyst Award Contest to Support Their Professional Goals

  • The AbbVie Migraine Career Catalyst Award™ contest is now open for entries, offering financial support to help winners pursue career and professional development goals.
  • As the only company with three approved products designed to meet patient needs across the spectrum of migraine, AbbVie is   committed to supporting the migraine community beyond treatment.
  • Migraine affects productivity and career growth—up to 90% of people with migraine report it interferes with their ability to function at work, highlighting the need for meaningful support beyond treatment.

- AbbVie (NYSE: ABBV) today announced the second annual AbbVie Migraine Career Catalyst Award ™ contest is now accepting entries. AbbVie is proud to continue this nationwide initiative supporting people living with migraine by awarding 20 entrants with $2,500 each that they may use to pursue their personal, professional, and educational goals.

"Migraine can be an invisible barrier to success in the workplace where the condition is often misunderstood or stigmatized," said Carl Cincinnato , executive director, Migraine at Work, a nonprofit initiative under the World Health Education Foundation dedicated to improving workplace environments for individuals living with migraine. "Initiatives like the AbbVie Migraine Career Catalyst Award™ contest not only provide financial support but also serve as a powerful form of advocacy for people living with migraine."

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
AbbVie to Present at the Goldman Sachs 46th Annual Global Healthcare Conference

AbbVie to Present at the Goldman Sachs 46th Annual Global Healthcare Conference

AbbVie (NYSE: ABBV) will participate in the Goldman Sachs 46th Annual Global Healthcare Conference on Tuesday, June 10, 2025 . Management will participate in a fireside chat at 10:20 a.m. Central time .

A live audio webcast of the presentation will be accessible through AbbVie's Investor Relations website at investors.abbvie.com . An archived edition of the session will be available later that day.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
AbbVie Partners with Chicago Cubs on "Striking Out Cancer"

AbbVie Partners with Chicago Cubs on "Striking Out Cancer"

Chicago -based institutions aim to create greater awareness for cancer advocacy and to support non-profit cancer organizations

AbbVie (NYSE: ABBV) announced a multi-year partnership with the Chicago Cubs to support people living with cancer through a campaign called "Striking Out Cancer" which starts today when the Chicago Cubs play the Cincinnati Reds. As part of the first year of the partnership, AbbVie will make a $233 donation for every strikeout by a Chicago Cubs pitcher at home during the 2025 regular season. The donation amount is in honor of the approximately 233 Americans diagnosed with cancer every hour, according to the American Cancer Society. 1

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×