Iovance Biotherapeutics, Inc. Announces Proposed Public Offering of Common Stock
May 27 2020 - 4:20PM
Iovance Biotherapeutics, Inc. (Nasdaq: IOVA) (“Iovance” or
“Company”), a late-stage biotechnology company developing novel T
cell-based cancer immunotherapies (tumor-infiltrating lymphocyte,
TIL and peripheral-blood lymphocyte, PBL), today announced that it
intends to offer and sell $500 million of its common stock, subject
to market and other conditions, in an underwritten public offering.
All of the shares in the offering are to be sold by Iovance.
Iovance intends to grant the underwriters a 30-day option to
purchase up to $75 million of additional shares of common
stock at the public offering price, less the underwriting discounts
and commissions.
Iovance intends to use the proceeds from this offering to fund
the expansion of its organization to support the potential
commercial launch of lifileucel for advanced melanoma and LN-145
for advanced cervical cancer, to initiate a program directed at
registration of Iovance’s tumor infiltrating lymphocyte therapies
in non-small cell lung cancer, to continue support of ongoing
commercial manufacturing activities, and for the development of
Iovance’s IL-2 analog, IOV-3001, and for other general corporate
purposes. Additional indications or TIL products may be explored
with the use of proceeds.
Jefferies LLC and Goldman Sachs & Co. LLC are acting as
joint lead book-running managers for the offering. Wells
Fargo Securities, LLC is also serving as book-running manager.
The shares of common stock described above are being offered by
Iovance pursuant to its shelf registration statement on Form S-3
that became automatically effective upon filing with
the Securities and Exchange Commission (the “SEC”)
on May 27, 2020. The offering may be made only by means of a
prospectus supplement and accompanying prospectus, copies of which
may be obtained by contacting Jefferies LLC, Attention:
Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor New York, New York, 10022, by telephone at (877)
547-6340, or by email
at Prospectus_Department@Jefferies.com or Goldman Sachs
& Co. LLC by mail at 200 West Street, New York, NY 10282,
Attention: Prospectus Department, by telephone at (866) 471-2526,
or by email at prospectus-ny@ny.email.gs.com or Wells Fargo
Securities, LLC, Attention: Equity Syndicate Department, 500 West
33rd Street, New York, New York, 10001, at (800) 326-5897 or email
a request to cmclientsupport@wellsfargo.com.
This press release shall 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 Iovance Biotherapeutics, Inc.
Iovance Biotherapeutics, Inc. is a clinical-stage biopharmaceutical
company focused on the development and commercialization of cell
therapies as novel cancer immunotherapy products designed to
harness the power of a patient’s own immune system to eradicate
cancer cells. The Company’s lead product candidates include
lifileucel for metastatic melanoma and LN-145 for metastatic
cervical cancer. In addition to metastatic melanoma and cervical
cancer, the Company is investigating the effectiveness and safety
of tumor infiltrating lymphocyte, or TIL, therapy for the treatment
of non-small cell lung cancer and squamous cell carcinoma of the
head and neck, and peripheral blood lymphocyte, or PBL, therapy for
the treatment of chronic lymphocytic leukemia through our sponsored
trials, as well as in other oncology indications through
collaborations.
Forward Looking Statements Certain matters
discussed in this press release are “forward-looking statements”.
The Company may, in some cases, use terms such as “predicts,”
“believes,” “potential,” “continue,” “estimates,” “anticipates,”
“expects,” “plans,” “intends,” “may,” “could,” “might,” “will,”
“should” or other words that convey uncertainty of future events or
outcomes to identify these forward-looking statements. The
forward-looking statements include, but are not limited to,
statements about the Company’s anticipated public offering and the
anticipated use of proceeds therefrom. Actual results may differ
from those set forth in this press release due to the risks and
uncertainties inherent in the Company’s business, including,
without limitation: the uncertainties related to market conditions
and the completion of the public offering on the anticipated terms
or at all, and the uncertainties inherent in the completion of
ongoing clinical trials and the initiation of future clinical
trials. The factors discussed herein could cause actual results and
developments to be materially different from those expressed in or
implied by such statements. A further list and description of
the Company’s risks, uncertainties and other factors can be found
in the Company’s most recent Annual Report on Form 10-K and the
Company’s subsequent filings with the Securities and Exchange
Commission. Copies of these filings are available online at
www.sec.gov. The forward-looking statements are made only as of the
date of this press release and the Company undertakes no obligation
to publicly update such forward-looking statements to reflect
subsequent events or circumstances. All forward-looking
statements are qualified in their entirety by this cautionary
statement, which is made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.
Contacts:
Iovance Biotherapeutics, Inc.: Sara Pellegrino,
IRC Vice President, Investor Relations & Public Relations
650-260-7120 ext. 264 Sara.Pellegrino@iovance.com
Solebury Trout: Annie Chang (investors)
646-378-2972 achang@troutgroup.com
Chad Rubin (investors) 646-378-2947
crubin@troutgroup.com
Rich Allan (media) 646-378-2958 rallan@troutgroup.com
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