09:27 AM EST, 12/27/2024 (MT Newswires) -- Vor Biopharma ( VOR ) said Friday it expects to raise about $55.6 million in gross proceeds from a private placement of 55.9 million shares, and warrants for 69.8 million shares at a combined price of $0.99425 per share and warrant.

The company said the seven-year warrants, exercisable at $0.838 per share, could yield an additional $58.5 million if exercised. The financing, led by new investor Reid Hoffman and existing shareholder RA Capital Management, includes provisions for each to gain representation on the board, Vor said.

Vor Bio said it plans to use the net proceeds from the placement, slated to close around Dec. 30, for clinical and preclinical development and corporate purposes.

The company also said it expects to provide updates on trials involving its VBP301 and VBP101 pipeline candidates in 2025.

Shares of the company were up more than 16% ahead of Friday's opening bell.