Benitec Biopharma

At Benitec Biopharma’s virtual annual meeting, shareholders holding 85.06% of the outstanding common shares voted in favor of all three proposals, including the election of Dr. Jerel Banks and Megan Boston, the ratification of the independent auditor, and the advisory approval of director compensation. The company also announced a $100 million share issuance at $13.50 per share, including a 30-day overallotment option of 889,500 shares. Analysts reacted: H.C. Wainwright cut its price target to $32.00 and maintained a Buy rating, while Citizens reiterated a Market Outperform rating with a $22.00 target, citing references to clinical data for BB-301. » More on de.investing.com

Citizens JMP increased its price target for Benitec Biopharma to $22 from $20 and reiterated an Outperform rating following topline Phase 1b/2a data for BB-301 that showed a 100% response rate in Cohort 1. The treatment reduced swallowing difficulties and shortened liquid consumption time, and BB-301 has received FDA Fast Track designation. Suvretta Capital and related entities committed $20 million to Benitec, a clinical-stage company developing ddRNAi-based genetic medicines. » More on finance.yahoo.com

Benitec Biopharma is selling 5.93 million common shares in a public, underwritten offering and 1.48 million shares in a registered direct placement to Suvretta Capital at $13.50 each, and expects gross proceeds of about $100 million. The syndicate banks were granted a 30‑day option for up to 889,500 additional shares; closing is imminent and subject to customary conditions. The company intends to use the net proceeds to further develop its product candidates, for working capital and for general corporate purposes. » More on de.investing.com