On July 15, 2024, LENZ Therapeutics (LENZ), a late clinical-stage biopharmaceutical company focused on developing the first aceclidine-based eye drop to improve near vision in people with presbyopia, announced that it has entered into a stock purchase agreement with Ridgeback Capital for a $30 million private investment in public equity (PIPE) common stock financing. Wilson Sonsini Goodrich & Rosati advised LENZ on the transaction.

Net proceeds from the PIPE financing, together with the Company's existing cash, cash equivalents, and marketable securities, will be used to support the pre-commercial and potential commercial launch activities for LNZ100, a near vision-improving eye drop, as well as for working capital and general corporate purposes.

The Wilson Sonsini team that advised LENZ on the transaction includes Dan Koeppen, Jennifer Fang, Rob Wernli, Ben Capps, Michael Brito-Stamm, and Bridget Balisy.

For more information, please see LENZ's news release.