Press Release

Gracell Biotechnologies Announces Up to $150 Million Private Placement Financing Joined by Syndicate of Premier Healthcare Investors

August 9, 2023

Hong Kong – August 9, 2023 – Cooley advised Gracell Biotechnologies, a global clinical-stage biopharmaceutical company dedicated to developing innovative and highly efficacious cell therapies for the treatment of cancer and autoimmune diseases, on its private placement financing of up to $150 million. Partners Will Cai and Jie Zhang led the Cooley team advising Gracell.

Joined by a syndicate of premier healthcare investors, the private placement financing consisted of 138,900,000 ordinary shares – which is equivalent to 27,780,000 of Gracell’s American depositary shares (ADSs) priced at $3.60 per ADS – for a total of $100 million. The investors also will have an option to purchase up to 44,802,870 ordinary shares (equivalent to 8,960,574 ADSs) at an exercise price equivalent to $5.58 each, for a total of $50 million, within 24 months after the close of the private placement. Gracell will use proceeds from the financing to promote research and development of its clinical-stage product candidates and research programs, as well as for working capital and other general corporate purposes.

Cooley previously advised Gracell on its $209 million initial public offering in January 2021 and its $100 million Series C in October 2020.

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