Cue Biopharma Announces Pricing of $12.0 Million Public Offering
September 26 2024 - 11:26PM
Cue Biopharma, Inc. (Nasdaq: CUE), a clinical-stage
biopharmaceutical company developing a novel class of therapeutic
biologics to selectively engage and modulate disease-specific T
cells, today announced the pricing of an underwritten public
offering of (i) 11,564,401 shares of its common stock and
accompanying common stock warrants to purchase an aggregate of
2,891,100 shares of common stock and, (ii) to certain investors in
lieu of common stock, pre-funded warrants to purchase 12,435,599
shares of common stock and accompanying common stock warrants to
purchase an aggregate of 3,108,900 shares of common stock. Each
share of common stock and accompanying common stock warrant are
being sold together at a combined public offering price of $0.50,
and each pre-funded warrant and accompanying common stock warrant
are being sold together at a combined public offering price of
$0.499. The aggregate gross proceeds of the offering are expected
to be approximately $12.0 million, before deducting underwriting
discounts and commissions and other offering expenses. Each
pre-funded warrant will have an exercise price of $0.001 per share,
will be exercisable immediately and will be exercisable until all
of the pre-funded warrants are exercised in full. Each common stock
warrant will have an exercise price of $0.50 per share, will be
exercisable immediately and will expire five years from the date of
issuance. The offering is expected to close on or about September
30, 2024, subject to satisfaction of customary closing conditions.
All of the securities are being offered by Cue Biopharma.
Oppenheimer & Co. Inc. is acting as sole book-running
manager for the offering. Newbridge Securities Corporation is
acting as co-manager for the offering.
A shelf registration statement on Form S-3 (File No. 333-271786)
relating to the securities to be offered in the public offering was
filed with the Securities and Exchange Commission (the “SEC”) on
May 9, 2023 and declared effective on May 26, 2023. The offering
was made only by means of a prospectus supplement and accompanying
prospectus that form a part of the registration statement. A
preliminary prospectus supplement relating to and describing the
terms of the offering has been filed with the SEC and may be
obtained for free by visiting the SEC’s website at www.sec.gov. A
final prospectus supplement relating to the offering will be filed
with the SEC. When available, copies of the preliminary prospectus
supplement and final prospectus supplement relating to the offering
may also be obtained by contacting: Oppenheimer & Co. Inc.,
Attention: Syndicate Prospectus Department, 85 Broad Street, 26th
Floor, New York, New York 10004, by telephone at (212) 667-8055, or
by email at EquityProspectus@opco.com.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy these securities, nor shall there
be any sale of, these securities 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 Cue BiopharmaCue Biopharma, a
clinical-stage biopharmaceutical company, is developing a novel
class of injectable biologics to selectively engage and modulate
disease-specific T cells directly within the patient’s body. The
company’s proprietary platform, Immuno-STAT™ (Selective Targeting
and Alteration of T cells), and biologics are designed to harness
the curative potential of the body’s intrinsic immune system
through the selective modulation of disease-specific T cells
without the adverse effects of broad systemic immune
modulation.
Headquartered in Boston, Massachusetts, we are led by an
experienced management team and independent Board of Directors with
deep expertise in immunology and immuno-oncology as well as the
design and clinical development of protein biologics.
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include, but
are not limited to, those regarding: the proposed public offering,
including the satisfaction of customary closing conditions relating
to the offering and the expected closing of the public offering.
Forward-looking statements, which are based on certain assumptions
and describe the company’s future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “seek,” “should,” “target,”
“will,” “would” or other comparable terms, although not all
forward-looking statements contain these identifying words.
Cue Biopharma may not actually achieve the
plans, intentions or expectations disclosed in its forward-looking
statements, and you should not place undue reliance on its
forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in
the forward-looking statements Cue Biopharma makes as a result of
various risks and uncertainties, including but not limited to the
satisfaction of customary closing conditions related to the public
offering, Cue Biopharma’s limited operating history, limited cash
and a history of losses, Cue Biopharma’s ability to achieve
profitability, potential setbacks in Cue Biopharma’s research and
development efforts including negative or inconclusive results from
its preclinical studies or clinical trials or Cue Biopharma’s
ability to replicate in later clinical trials positive results
found in preclinical studies and early-stage clinical trials of its
product candidates and other risks and uncertainties described in
the Risk Factors and Management's Discussion and Analysis of
Financial Condition and Results of Operations sections of Cue
Biopharma’s most recently filed Annual Report on Form 10-K and any
subsequently filed Quarterly Reports on Form 10-Q. Any
forward-looking statement made by Cue Biopharma in this press
release is based only on information currently available to Cue
Biopharma and speaks only as of the date on which it is made. Cue
Biopharma undertakes no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Investor Contact Marie Campinell Senior
Director, Corporate Communications Cue Biopharma,
Inc.mcampinell@cuebio.com
Media Contact Jonathan Pappas LifeSci
Communicationsjpappas@lifescicomms.com
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