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(RTTNews) - Cartesian Therapeutics, Inc. (RNAC) Tuesday said it has entered into securities purchase agreement for $130 million private investment in public equity or PIPE financing.

Cartesian plans to use the net proceeds to fund its pipeline programs, for working capital, and for general corporate purposes.

As per the agreement, the company is selling 3.56 million of its common shares and 2.94 million of series B preferred stock, both at $20 per share. Each share of series B preferred stock is convertible into one common share.

The financiers comprises both new and existing investors including HBM Healthcare Investments (Cayman) Ltd., Invus, Schooner Capital, Surveyor Capital, Timothy A. Springer, a leading mutual fund manager, and other institutional investors.

Leerink Partners and TD Cowen are acting as lead placement agents for the PIPE financing, which is expected to close by July 3, 2024.

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