ProQR raises $59.2M via direct offering and private placement
ProQR Therapeutics N.V. has raised approximately $59.2 million in gross proceeds through a registered direct offering and a concurrent private placement. The direct offering comprised 27,624,310 ordinary shares priced at $1.81 per share, while Eli Lilly and Company purchased 5,100,780 shares at the same price. The net proceeds will primarily fund research and clinical development of pipeline candidates.
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ProQR Therapeutics N.V. has secured approximately $59.2 million in gross proceeds through a registered direct offering and a concurrent private placement to fund research and clinical development. The company priced an underwritten registered direct offering of 27,624,310 ordinary shares at $1.81 per share, yielding about $50.0 million before expenses. Separately, Eli Lilly and Company agreed to purchase 5,100,780 ordinary shares at the same price for approximately $9.2 million to maintain its pro rata beneficial ownership stake.
Transaction Details
The registered direct offering and the concurrent private placement are distinct transactions. The sale to Lilly is not registered as part of the Offering and is not subject to underwriting discounts or commissions. The closing of the Offering is not contingent on the private placement, though both are expected to finalize on or about June 26, 2026, subject to customary conditions.
| Component | Shares Sold | Price Per Share | Gross Proceeds |
|---|---|---|---|
| Registered Direct Offering | 27,624,310 | $1.81 | ~$50.0 million |
| Concurrent Private Placement | 5,100,780 | $1.81 | ~$9.2 million |
Regulatory and Use of Proceeds
The shares in the concurrent private placement are issued pursuant to Section 4(a)(2) of the Securities Act of 1933 and have not been registered under the Securities Act or applicable state securities laws. ProQR intends to use the net proceeds from both offerings, alongside existing cash, primarily to fund research and clinical development of its pipeline candidates, as well as for working capital and general corporate purposes.
BofA Securities, Evercore ISI, and Cantor are acting as joint lead bookrunning managers, while Oppenheimer & Co. serves as a bookrunning manager. A shelf registration statement on Form F-3 was filed with the SEC on September 30, 2024, and declared effective on October 10, 2024.
Which specific pipeline candidates will receive the majority of the funding, and what are the expected timelines for upcoming clinical milestones?
How will Eli Lilly's continued investment influence potential future collaboration or licensing agreements between the two companies?
What is the projected cash runway following this capital raise, and does this eliminate the need for additional financing in the near term?
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