On February 27, 2024, California-based Denali Therapeutics, a biopharmaceutical company developing a broad portfolio of product candidates engineered to cross the blood-brain barrier (BBB) for the treatment of neurodegenerative diseases and lysosomal storage diseases, announced that it has entered into a securities purchase agreement with certain existing accredited investors to issue and sell an aggregate of 3,244,689 shares of its common stock at a price of $17.07 per share and pre-funded warrants to purchase 26,046,065 shares of common stock at a purchase price of $17.06 per pre-funded warrant share, through a private investment in public equity (PIPE) financing. Denali Therapeutics anticipates gross proceeds from the PIPE to be approximately $500 million. Wilson Sonsini Goodrich & Rosati advised Denali Therapeutics on the transaction.

The PIPE is expected to close on February 29, 2024, subject to customary closing conditions. Proceeds from the financing are expected to be used to boost ongoing research and development activities, accelerate the expansion of its proprietary BBB-crossing Transport Vehicle (TV) technology, and for general corporate purposes.

The Wilson Sonsini team that advised Denali on the transaction was led by Tony Jeffries, Jennifer Knapp, Cathy Doxsee, Jacie Valentine, Kym Tisder, and Zak Show.

For more information, please see Denali Therapeutics' news release. Additional coverage can be found on BioSpace and MarketWatch.