Inovio Pharmaceuticals Closes $87.4 Million Underwritten Financing
May 05 2015 - 12:19PM
Inovio Pharmaceuticals, Inc. (Nasdaq:INO) ("Inovio" or the
"Company"), today closed its previously announced underwritten
public offering of 10,925,000 shares of the Company's common stock,
including 1,425,000 shares of common stock issued pursuant to the
underwriter's exercise of its option, at the public offering price
of $8.00 per share. The gross proceeds of this offering were $87.4
million. Net proceeds to the Company, after deducting the
underwriter's discounts and commission and other estimated offering
expenses payable by the Company, were approximately $82.1 million.
The Company intends to use the net proceeds received from the
sale of the common stock for general corporate purposes, including
clinical trial expenses, research and development expenses, general
and administrative expenses, manufacturing expenses and potential
acquisitions of companies and technologies that complement its
business.
Piper Jaffray & Co. and Stifel acted as joint bookrunning
managers for the offering. H.C. Wainwright & Co., LLC,
Brean Capital, LLC and Maxim Group LLC acted as co-managers of the
offering.
The securities described above were offered by Inovio pursuant
to a shelf registration statement previously filed with and
declared effective by the Securities and Exchange Commission (the
"SEC") on August 8, 2014. A prospectus supplement and the
accompanying prospectus relating to the securities offered have
been filed with the SEC and are available on the SEC's website at
http://www.sec.gov. Copies of the prospectus supplement and the
accompanying prospectus relating to the securities being offered
may also be obtained from Piper Jaffray & Co., Attention:
Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN
55402, via telephone at 800-747-3924 or email at
prospectus@pjc.com; or from Stifel, Nicolaus & Company,
Incorporated, Attention: Syndicate, One Montgomery Street, Suite
3700, San Francisco, CA 94104, via telephone at 415-364-2720 or
email at syndprospectus@stifel.com.
This press release does not constitute an offer to sell
or the solicitation of offers to buy any
securities of Inovio being
offered, and shall not constitute an offer,
solicitation or sale of any security in any state
or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or
qualification under the securities laws of any such state
or jurisdiction.
About Inovio Pharmaceuticals, Inc.
Inovio is revolutionizing the fight against cancer and
infectious diseases. Our immunotherapies uniquely activate
best-in-class immune responses to prevent and treat disease, and
have shown clinically significant efficacy with a favorable safety
profile. With an expanding portfolio of immune therapies, the
company is advancing a growing preclinical and clinical stage
product pipeline. Partners and collaborators include Roche,
MedImmune, University of Pennsylvania, DARPA, Drexel University,
NIH, HIV Vaccines Trial Network, National Cancer Institute, U.S.
Military HIV Research Program, and University of Manitoba. For more
information, visit www.inovio.com.
This press release contains certain forward-looking statements
under the Private Securities Litigation Reform Act of 1995 relating
to our business, including our plans to develop
electroporation-based drug and gene delivery technologies and DNA
vaccines, our expectations regarding our research and development
programs and our capital resources. Actual events or results may
differ from the expectations set forth herein as a result of a
number of factors, including uncertainties inherent in pre-clinical
studies, clinical trials and product development programs
(including, but not limited to, the fact that pre-clinical and
clinical results referenced in this release may not be indicative
of results achievable in other trials or for other indications,
that the studies or trials may not be successful or achieve the
results desired, including safety and efficacy for VGX-3100, that
pre-clinical studies and clinical trials may not commence or be
completed in the time periods anticipated, that results from one
study may not necessarily be reflected or supported by the results
of other similar studies and that results from an animal study may
not be indicative of results achievable in human studies), the
availability of funding to support continuing research and studies
in an effort to prove safety and efficacy of electroporation
technology as a delivery mechanism or develop viable DNA vaccines,
our ability to support our broad pipeline of SynCon® active immune
therapy and vaccine products, our ability to advance our portfolio
of immune-oncology products independently, including INO-5150, and
to commence a phase I clinical trial for INO-5150 in the first half
of 2015, the adequacy of our capital resources, the availability or
potential availability of alternative therapies or treatments for
the conditions targeted by the company or its collaborators,
including alternatives that may be more efficacious or
cost-effective than any therapy or treatment that the company and
its collaborators hope to develop, our ability to enter into
partnerships in conjunction with our research and development
programs, evaluation of potential opportunities, issues involving
product liability, issues involving patents and whether they or
licenses to them will provide the company with meaningful
protection from others using the covered technologies, whether such
proprietary rights are enforceable or defensible or infringe or
allegedly infringe on rights of others or can withstand claims of
invalidity and whether the company can finance or devote other
significant resources that may be necessary to prosecute, protect
or defend them, the level of corporate expenditures, assessments of
the company's technology by potential corporate or other partners
or collaborators, capital market conditions, the impact of
government healthcare proposals and other factors set forth in our
Annual Report on Form 10-K for the year ended December 31, 2014,
and other regulatory filings from time to time. There can be no
assurance that any product in Inovio's pipeline will be
successfully developed or manufactured, that final results of
clinical studies will be supportive of regulatory approvals
required to market licensed products, or that any of the
forward-looking information provided herein will be proven
accurate.
CONTACT: Investors:
Bernie Hertel, Inovio Pharmaceuticals
858-410-3101, bhertel@inovio.com
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