LONDON, October 19, 2018 /PRNewswire/ --
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION WITHIN THE MEANING OF THE EU MARKET ABUSE REGULATION
NO.596/2014
- Third public listing of an Arix company, three years after
LogicBio inception
- Arix invests $7.0 million (£5.4
million) in the IPO to retain a stake of 13.5% in LogicBio
- The new total value of Arix's shareholding in LogicBio is £22.9
million; this represents a gain of £12.6 million on total cash
invested in LogicBio by Arix
Arix Bioscience plc (LSE: ARIX) ("Arix"), a global healthcare
and life science company supporting medical innovation notes one of
its Group Businesses, LogicBio Therapeutics, Inc ("LogicBio"), has
announced the pricing of its initial public offering of 7,000,000
shares of common stock at a public offering price of $10.00 per share for aggregate gross proceeds of
$70.0 million. All of the shares are
being offered by LogicBio. LogicBio's common stock is expected to
begin trading on The Nasdaq Global Market on 19 October 2018 under the ticker symbol
"LOGC".
The IPO resulted in an increase in the value of Arix's initial
investment in LogicBio to £17.5 million; a £12.6 million uplift to
the last disclosed value of £4.9m[1]. Additionally, Arix
has agreed to invest $7.0 million
(£5.4 million) in the IPO to retain a total stake of 13.5% in
LogicBio (amounting to 2,979,023 shares of common stock), giving a
total new valuation of £22.9 million at the close of business on
18 October 2018.
LogicBio expects to use the net proceeds from the IPO for
ongoing development of its lead product candidate, for discovery
and preclinical development of additional product candidates using
its GeneRide™ platform and the remainder for general corporate
purposes.
Joe Anderson, CIO of Arix,
commented:
"Gene therapy offers great promise for tackling rare diseases
and the science is advancing rapidly. Genetic disease in early
childhood presents a particular set of challenges, which we believe
LogicBio has the potential to address with its GeneRide technology.
We continue to work with the company as it advances towards the
clinic with potential breakthrough treatments for patients."
Arix valuation at 30 June 2018 GBP4.9m
Valuation uplift GBP12.6m
Participation in IPO GBP5.4m ($7.0m)
Total Arix valuation GBP22.9m
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall 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.
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1. Compared to the 30 June 2018
sterling holding value
All numbers quoted are at the prevailing exchange rate on
18 October 2018
A registration statement relating to the shares being sold in
this offering was declared effective by the Securities and Exchange
Commission on October 18, 2018. The
offering is being made only by means of a prospectus. When
available, copies of the prospectus may be obtained from Jefferies
LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY
10022, by telephone at 877-821-7388 or by email at
prospectus_department@jefferies.com; Barclays Capital Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 1717, by telephone at
888-603-5847 or by email at
barclaysprospectus@broadridge.com ; William Blair & Company, L.L.C. Attention:
Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at
(800)621-0687, or by email at
prospectus@williamblair.com.
About Arix Bioscience plc
Arix Bioscience plc is a global healthcare and life science
company supporting medical innovation. Headquartered in
London and with an office in
New York, Arix Bioscience sources,
finances and builds world class healthcare and life science
businesses addressing medical innovation at all stages of
development. Operations are supported by privileged access to
breakthrough academic science and strategic relationships with
leading research accelerators and global pharmaceutical
companies.
Arix Bioscience plc is listed on the Main Market of the London
Stock Exchange. For further information, please visit
http://www.arixbioscience.com
About LogicBio Therapeutics
LogicBio Therapeutics is a genome editing company focused on
developing medicines to durably treat rare diseases in patients
with significant unmet medical needs using GeneRide™, its
proprietary technology platform. GeneRide™ enables the
site-specific integration of a therapeutic transgene, in a
nuclease-free and promotorless approach by relying on the native
process of homologous recombination to drive lifelong expression.
Headquartered in Cambridge,
Massachusetts, LogicBio is committed to developing medicines
that will transform the lives of pediatric patients and their
families.
Enquiries
For more information on Arix, please contact:
Arix Bioscience plc
Charlotte Parry, Head of Investor
Relations
+44(0)20-7290-1072
charlotte@arixbioscience.com
Optimum Strategic Communications
Mary Clark, Supriya Mathur
+44(0)203-714-1787
optimum.arix@optimumcomms.com
Burns McClellan (US Media & IR Enquiries)
Bill Slattery Jr., Nancie Steinberg
+1-212-213-0006
arix@burnsmc.com