WATERTOWN, Mass., June 26, 2017 (GLOBE NEWSWIRE) -- Selecta Biosciences, Inc. (NASDAQ:SELB), a clinical-stage biopharmaceutical company focused on unlocking the full potential of biologic therapies by avoiding unwanted immune responses, today announced that it has entered into definitive agreements to sell securities in a private placement that is expected to result in gross proceeds to the company of $50 million, before deducting placement agent and other offering expenses.
The company plans to use the proceeds from the financing primarily for ongoing clinical development of Selecta’s lead product candidate, SEL-212, for the treatment of chronic severe gout and to enable the company to bring additional product candidates into the clinic. Selecta expects the addition of these proceeds to its existing balance sheet will enable the company to fund its operating expenses and capital expenditure requirements into 2019. Stifel served as sole placement agent for the offering.
About Selecta Biosciences, Inc.
Selecta Biosciences, Inc. is a clinical-stage biopharmaceutical company that is focused on unlocking the full potential of biologic therapies by avoiding unwanted immune responses. Selecta plans to combine its tolerogenic Synthetic Vaccine Particles (SVP™) to a range of biologics for rare and serious diseases that require new treatment options. The company’s current proprietary pipeline includes SVP-enabled enzyme, oncology and gene therapies. SEL-212, the company’s lead candidate in Phase 2, is being developed to treat severe gout patients and resolve their debilitating symptoms, including flares and gouty arthritis. Selecta’s clinical oncology candidate, LMB-100, is in a Phase 1 program targeting pancreatic cancer and mesothelioma. Its two proprietary gene therapy product candidates are being developed for rare inborn errors of metabolism and have the potential to enable repeat administration. The use of SVP is also being explored in the development of vaccines and treatments for allergies and autoimmune diseases. Selecta is based in Watertown, Massachusetts. For more information, please visit http://selectabio.com and follow @SelectaBio on Twitter.
