ProQR Therapeutics N.V. (NASDAQ:PRQR) ("ProQR"), a clinical-stage biotechnology company dedicated to changing lives through transformative RNA therapies based on its proprietary Axiomer™ RNA editing technology platform, today announced the pricing of an underwritten registered direct offering of 27,624,310 ordinary shares (the "Offering") at an offering price of $1.81 per share (the "Offering Price"), for total gross proceeds of approximately $50.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by ProQR.

Concurrently with the Offering, ProQR has entered into a share purchase agreement with Eli Lilly and Company ("Lilly"), one of its existing shareholders and a strategic partner, in a separately negotiated transaction pursuant to which ProQR agreed to offer and sell, and Lilly agreed to purchase, 5,100,780 ordinary shares, to permit Lilly to maintain its pro rata beneficial ownership, at the Offering Price, for total gross proceeds of approximately $9.2 million, subject to the consummation of the Offering and the satisfaction of other customary closing conditions. The sale of ordinary shares to Lilly in the concurrent private placement will not be registered as part of the Offering. The closing of the Offering is not contingent upon the closing of the concurrent private placement. The ordinary shares purchased in the concurrent private placement will not be subject to any underwriting discounts or commissions.

The ordinary shares to be sold in the concurrent private placement are being issued pursuant to the exemptions provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). These shares have not been registered under the Securities Act, or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdiction’s securities laws.

ProQR currently intends to use the net proceeds from the Offering and the concurrent private placement, together with its existing cash and cash equivalents, primarily to fund research and clinical development of its current or additional pipeline candidates and for working capital, capital expenditures and other general corporate purposes.