08:55 AM EDT, 10/25/2024 (MT Newswires) -- enGene Holdings (ENGN) said Friday it has agreed to sell about 6.8 million common shares at $8.90 apiece in a private placement for about $60 million in gross proceeds.

The company plans to close the offering on Oct. 29.

enGene plans to use the net proceeds to finance the continued development of detalimogene, pre-commercial activities, the potential expansion of the DDX platform and for working capital and general corporate purposes.

The proceeds from this private placement, along with existing cash and cash equivalents, are expected to be "sufficient" to finance the current operating plan through 2027, the company said.

Shares of enGene rose past 12% in recent premarket activity Friday.

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