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Seres Therapeutics, Inc. Announces Pricing of Public Offering of Common Stock

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jun. 13, 2019-- Seres Therapeutics, Inc. (Nasdaq: MCRB) (“Seres”), a leading microbiome therapeutics platform company developing a novel class of biological drugs that are designed to treat disease by restoring the function of a dysbiotic microbiome, today announced the pricing of an underwritten public offering of 26,666,667 shares of its common stock, at a public offering price of $2.25 per share, before underwriting discounts and commissions. Seres also granted the underwriters a 30-day option to purchase up to an additional 2,666,666 shares of its common stock. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $60.0 million, excluding any exercise of the underwriters’ option to purchase additional shares. All of the shares in the offering are to be sold by Seres.

Goldman Sachs & Co. LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. The offering is expected to close on or about June 18, 2019, subject to customary closing conditions.

Seres intends to use the net proceeds from the offering, in addition to its existing cash resources, to advance the development of its product candidates and for other general corporate and working capital purposes.

The common stock described are being offered by Seres pursuant to a shelf registration statement on Form S-3 (File No. 333-216735), including a prospectus, which was declared effective by the Securities and Exchange Commission (“SEC”) on March 24, 2017. A preliminary prospectus supplement to the prospectus describing the terms of the offering was filed with the SEC on June 12, 2019, and a final prospectus supplement will be filed with the SEC. The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the effective registration statement. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, by contacting: Goldman Sachs & Co. LLC by mail at Prospectus Department, 200 West Street, New York, New York 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, by fax at (212) 902-9316, or by email at prospectus-ny@ny.email.gs.com or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, or by telephone at (631) 592-5973.

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

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the completion and anticipated proceeds of the proposed offering and the use of the proceeds from the proposed offering. All such forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties relate to market fluctuations in Seres’ common stock price, changes in market conditions and satisfaction of customary closing conditions related to the proposed offering, as well as the other factors discussed in the “Risk Factors” section in the prospectus supplement and registration statement referenced above, in the “Risk Factors” section in Seres’ Quarterly Report on Form 10-Q filed with the SEC on May 2, 2019, and in other reports that Seres files with the SEC. There can be no assurance that Seres will be able to complete the proposed offering on the anticipated terms. All information in this press release is as of the date of this release, and Seres undertakes no duty to update this information, even if subsequent events cause its views to change, unless required by law.

Source: Seres Therapeutics, Inc.

Carlo Tanzi, Ph.D., Seres Therapeutics, 617-203-3467
Vice President, Investor Relations and Corporate Communications
ctanzi@serestherapeutics.com

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