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The Latest Pharma Jobs, News and Events today | 25 October 2016

Benitec initiates a strategic engagement with NantVentures

Benitec Biopharma Limited announces that it has commenced a strategic engagement with NantVentures.  NantVentures was founded by Dr. Patrick Soon-Shiong and serves as the private investment arm of NantWorks and California Capital.

Benitec and NantVentures, with support from NantWorks, are planning an oncology-focused research and development collaboration in which Benitec would lead clinical development and preclinical evaluation of several assets.  ...

Benitec's Chief Executive Officer, Greg West said: "NantVentures is part of a major US pioneer of novel therapeutics.  This is a very significant strategic engagement for Benitec.  Through this relationship Benitec will return to the clinic using its ddRNAi technology in collaboration with NantVentures.  Benitec will benefit from a strong shareholder who will be supportive and knowledgeable in our technologies and our marketplace."

The strategic engagement includes an immediate placement to Nant Capital, LLC, an investment entity associated with NantVentures, of 29,305,819 fully paid ordinary shares in Benitec, representing 19.99% of its existing issued capital for a post-issue holding of 16.67%. The shares were priced at a 7 trading day VWAP up to the trading day prior to the execution of a Share Subscription Agreement - $0.0895 per share.

Approval of Benitec shareholders will be sought for the issue of up to an additional 29,305,819 fully paid ordinary shares to Nant Capital, LLC.  If the issue proceeds in respect of the maximum number of shares, it would result in Nant Capital, LLC holding approximately 28.57% of the issued capital of Benitec, subject to any other shares being issued by Benitec.

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