Iovance Biotherapeutics, Inc. Announces Pricing of Its Public Offering of Approximately $525 Million of Common Stock
May 28 2020 - 9:30PM
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 the
pricing of an underwritten public offering of 16,935,484 shares of
its common stock at a public offering price of $31.00 per
share. The gross proceeds from the offering, before deducting
the underwriting discounts and commissions and other estimated
offering expenses payable by Iovance, are expected to be
approximately $525 million. In addition, Iovance has
granted the underwriters a 30-day option to purchase up to
2,540,322 additional shares of common stock at the public offering
price, less the underwriting discounts and commissions. The
offering is expected to close on or about June 2, 2020,
subject to customary closing conditions.
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 for
the offering. Oppenheimer & Co. Inc. is serving as lead
co-manager for the offering. Robert W. Baird & Co.
Incorporated and H.C. Wainwright & Co., LLC are serving as
co-managers for the offering.
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. A
preliminary prospectus supplement and accompanying prospectus
relating to the offering have been filed with the SEC and are
available on the SEC’s website at http://www.sec.gov. A final
prospectus supplement and accompanying prospectus will be filed
with the SEC, copies of which may be obtained, when available, 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 satisfaction of customary closing
conditions, 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 SEC. 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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