Ignyta Announces Pricing of Public Offering of Common Stock
May 04 2017 - 7:00AM
Business Wire
Ignyta, Inc. (Nasdaq: RXDX) ("Ignyta"), a biotechnology company
focused on precision medicine in oncology, today announced the
pricing of an underwritten public offering of 12.5 million shares
of its common stock at a price to the public of $6.15 per share.
The gross proceeds from this offering are expected to be
approximately $76.9 million, before deducting the underwriting
discounts and commissions and estimated offering expenses payable
by Ignyta. The offering is expected to close on or about May 9,
2017, subject to customary closing conditions. In addition, Ignyta
has granted the underwriters a 30-day option to purchase up to an
additional 1.875 million shares of its common stock at the public
offering price, less the underwriting discounts and commissions, in
connection with the offering.
Ignyta anticipates using the net proceeds from the offering to
fund research and development activities for its development
programs, including, but not limited to, the clinical development
and pre-commercialization activities of entrectinib, to conduct
ongoing clinical and pre-clinical development of other pipeline
assets such as RXDX-105 and RXDX-106, to complete development
activities related to the diagnostic lab, and for working capital
and other general corporate purposes.
J.P. Morgan Securities LLC and Piper Jaffray & Co. are
acting as joint book-running managers for the offering. Ladenburg
Thalmann & Co. Inc. is acting as co-manager for the
offering.
The shares described above are being offered by Ignyta pursuant
to a shelf registration statement on Form S-3, including a base
prospectus, that was previously filed by Ignyta with the Securities
and Exchange Commission (the “SEC”) and that was declared effective
on April 21, 2016. A final prospectus supplement and accompanying
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC's website located at
http://www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectus related to this offering, when
available, may be obtained from J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by telephone at (866) 803-9204, or by email at
prospectus-eq_fi@jpmchase.com; or from Piper Jaffray & Co.,
Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, or by telephone at (800) 747-3924, or by
email at prospectus@pjc.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Ignyta, Inc.
At Ignyta, we work tirelessly on behalf of patients with cancer
to offer potentially life-saving, precisely targeted therapeutics
(Rx) guided by companion diagnostic (Dx) tests. Our integrated
Rx/Dx strategy allows us to enter uncharted territory, illuminating
the molecular drivers of cancer and quickly advancing treatments to
address them. This approach embraces even those patients with the
rarest cancers, who have the highest unmet need and who may
otherwise not have access to effective treatment options. With our
pipeline of potentially first-in-class or best-in-class precision
medicines, we are pursuing the ultimate goal of not just shrinking
tumors, but eradicating cancer relapse and recurrence in precisely
defined patient populations.
Forward-Looking Statements:
This press release contains “forward-looking statements” about
Ignyta as that term is defined in the Private Securities Litigation
Reform Act of 1995. Statements in this press release that are not
purely historical are forward-looking statements. Such
forward-looking statements include, among other things, references
to Ignyta's expectations regarding the completion, timing and size
of the public offering and the anticipated use of proceeds
therefrom. Among the factors that could cause actual results to
differ materially from those indicated in the forward-looking
statements are risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the offering, as well as risks and uncertainties
associated with Ignyta's business and finances in general, and the
other risks described in Ignyta's annual report on Form 10-K for
the year ended December 31, 2016 and other filings with the SEC.
Ignyta undertakes no obligation to update the statements contained
in this press release after the date hereof.
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version on businesswire.com: http://www.businesswire.com/news/home/20170504005468/en/
Ignyta, Inc.Jacob Chacko, M.D.CFO858-255-5959jc@ignyta.com
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