mRNA therapeutics biotech Moderna raises $474mm in Series F preferred stock financing

Moderna Therapeutics Inc. (mRNA therapeutics) raised $474mm in a preferred stock equity financing of 54mm Series F shares at $8.78 from new and existing institutional investors, and strategic pharmaceutical partners in the US, Europe and Asia, including AstraZeneca and Boston Biotech Ventures. The company will use the proceeds for its clinical and preclinical pipeline, for construction of a new manufacturing facility, for sustained investment in its mRNA platform (at pace of $100mm per annum), and for continued expansion into new therapy areas and modalities. The company also just closed on its first BARDA grant for $125mm to advance its Zika mRNA vaccine and now has over $1.4bn in cash on its balance sheet at its disposal.