Principia Biopharma Inc. (NasdaqGS:PRNB) announced a private placement of 31,563,650 series C convertible preferred stock at a price of $1.5841 per share for gross p[proceeds of $49,999,977.965 in August 2018. The preferred shares will be convertible into 143,163,564 common shares. The transaction included participation from HBM Healthcare Investments AG (SWX:HBMN); a fund co-managed by HBM Partners Ltd. and nebag ag (SWX:NBEN) for 7,575,279 preferred shares for $11,999,999.47, returning investor S.R. One, Limited for 1,521,895 preferred shares for gross proceeds of $2,410,833.87, New Leaf Biopharma Opportunities II, L.P.; a fund managed by returning investor New Leaf Venture Partners, L.L.C., Wendy Adams, Laine Ooi and other group of investors.

The company received net proceeds of $49,700,000 in the transaction. The company issued securities pursuant to exemption provided under Regulation D.