Adding Dicerna (DRNA) $3.30 to Watch List.
How fun would it be to sell a $3.00 idea (IMMU) at $9.00 you got from us and reinvested a portion of the proceeds into another $3.00 idea from us and it went to — no, we won’t go there.
Dicerna (DRNA) might just be that $3 ticket though. We are studying it, will continue to study it, and are adding it to the Watch List.
They are fully funded to get to proof of concept stage after announcing the sale of redeemable convertible preferred stock to a syndicate of current and new investors led by Bain Capital Life Sciences, under which the Company received gross proceeds of $70 million.
Dicerna Announces Closing of $70 Million Convertible Preferred Stock Financing
Under terms of the Preferred Stock purchase agreement, Adam M. Koppel, M.D., Ph.D., a managing director of Bain Capital Life Sciences, has joined Dicerna’s Board of Directors, which has been expanded to nine seats.
At the closing, Dicerna issued 700,000 shares of Preferred Stock, which are convertible into common shares at an initial conversion price of $3.19 per share. Please refer to the Company’s Form 8-K, which was filed with the Securities and Exchange Commission on March 30, 2017, for the complete terms of the Preferred Stock transaction.
When was the last time you had an opportunity to invest alongside Bain (7M shares), RA Capital (4.5M shares), Domain Partners (3.3M shares) and Fidelity (2.7M shares) for $3.00
The most recent 10Q showed 20.7 million shares outstanding or a market cap of $68 million excluding the conversion of the preferred.
The recent powerpoint is a tad technical:
But the CEO Doug Fambrough did a wonderful job explaining the basics on a video interview on Small Cap Nation.
Disclaimer. Associates of Institutional Analyst at SCN Capital received twenty-four thousand dollars to produce, edit and broadcast the video embedded in this post. See full disclaimer at end of the video.
DRNA press release disclaimer. This press release includes forward-looking statements, including, for example, statements concerning the anticipated use of proceeds from the Preferred Stock transaction and other statements that are other than statements of historical facts. These forward-looking statements involve significant risks and uncertainties. These statements reflect the Company’s current expectations concerning future events, actual events could differ materially from those anticipated as a result of many factors. Additional information concerning these and other factors that may cause actual events to differ materially from those anticipated is contained in the “Risk Factors” section of our most recent Form 10-K filed with the SEC. Investors should not place undue reliance on forward-looking statements contained in this press release or elsewhere. All forward-looking statements contained in this press release are based on information currently available to the Company, and the Company undertakes no obligation to revise or update them to reflect events or circumstances after the date of this release.
About Dicerna Pharmaceuticals, Inc.
Dicerna Pharmaceuticals, Inc., is a biopharmaceutical company focused on the discovery and development of innovative RNAi-based therapeutics for diseases involving the liver, including rare diseases, chronic liver diseases, cardiovascular diseases, and viral infectious diseases. The Company is leveraging its proprietary GalXC™ RNAi technology platform to build a broad pipeline in these core therapeutic areas, focusing on target genes where connections between target gene and diseases are well understood and documented. The Company intends to discover, develop and commercialize novel therapeutics either on its own or in collaboration with pharmaceutical partners.
For more information, please visit www.dicerna.com.
