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Calyxt announces $15M registered direct offering to advance its product development pipeline and TALEN technology

The Minnesota company has entered into definitive agreements with institutional investors for the purchase of 3.75 million shares at $4 each

Calyxt - Calyxt Inc announces $15 million registered direct offering
Cellectis SA, the company’s majority shareholder, subscribed to purchase 1.25 million shares in the offering expected to close on or about October 20

Calyxt Inc (NASDAQ:CLXT), a plant-based technology company based in Minnesota, announced Friday a $15 million registered direct offering. 

In a statement, the company said it intends to use the net proceeds for general corporate purposes and to support the execution of its streamlined business model. 

It will also use the money to advance its current product development pipeline as well as its TALEN technology and intellectual property portfolio. 

READ: Calyxt appoints agribusiness veteran Sarah Reiter as vice president of business development

Under the offering, Calyxt said it entered into definitive agreements with institutional investors for the purchase of 3.75 million shares at $4 each.

Cellectis SA (NASDAQ:CLLS) (OTCMKTS:CMVLF) (FRA:ZVAA), the company’s majority shareholder, subscribed to purchase 1.25 million shares in the offering, which is expected to close on or about October 20 -- subject to the satisfaction of customary closing conditions.

HC Wainwright & Co is acting as the exclusive placement agent for the transaction.

Developed in part by Calyxt co-founder and Chief Science Officer Dan Voytas, Transcription Activator-Like Effector Nuclease — better known as TALEN — is an advanced breeding technology that allows for precision targeting of existing genes within a plant’s genome. 

That targeting allows Calyxt scientists to select desired characteristics, and precisely engineer beneficial crop traits, accelerating breeding at a fraction of the time it would normally take.

Contact the author: [email protected]

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Quick facts: Calyxt

Price: 3.71 USD

NASDAQ:CLXT
Market: NASDAQ
Market Cap: $137.03 m
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