Lion Biotechnologies Prices Public Offering of Common Stock
February 26 2015 - 8:23AM
Lion Biotechnologies, Inc. (Nasdaq:LBIO), a biotechnology company
that is developing novel cancer immunotherapies based on tumor
infiltrating lymphocytes (TIL), today announced the pricing of an
underwritten public offering of 8,000,000 shares of its common
stock at a public offering price of $8.00 per share. The gross
proceeds from this offering to Lion are expected to be $64.0
million, before deducting underwriting discounts and commissions
and offering expenses payable by Lion. All of the shares in the
offering are being sold by Lion. Lion has granted the underwriters
a 30-day option to purchase up to an additional 1,200,000 shares of
common stock at the public offering price. The offering is expected
to close on or about March 3, 2015, subject to satisfaction of
customary closing conditions.
Lion intends to use the net proceeds of the offering for the
development of its product candidates, including its planned Phase
2 clinical trial for metastatic melanoma, and for other general
corporate and working capital purposes.
Jefferies LLC, Cowen and Company, LLC and Piper Jaffray &
Co. are acting as the joint book-running managers of the offering,
and Roth Capital Partners, LLC is acting as co-manager.
Lion is offering the shares described above pursuant to a shelf
registration statement on Form S-3 that was previously filed by
Lion with the Securities and Exchange Commission (SEC) and that was
declared effective on December 10, 2014, and a related
automatically effective registration statement filed pursuant to
Rule 462(b) the Securities Act of 1933. The securities may be
offered only by means of a prospectus. A preliminary prospectus
supplement, including the accompanying prospectus, relating to the
offering was filed with the SEC and is available on the SEC's
website at http://www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the
offering, when available, may be obtained from Jefferies LLC,
Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, or by phone at 877-547-6340, or by email
at Prospectus_Department@Jefferies.com; from Cowen and Company,
LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue,
Edgewood, NY, 11717, Attn: Prospectus Department, or by calling
(631) 274-2806; or from Piper Jaffray & Co. by mail at 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus
Department, by telephone at (800) 747-3924 or by e-mail at
prospectus@pjc.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Lion
Biotechnologies, Inc., 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 Lion Biotechnologies
Lion Biotechnologies, Inc. is engaged in the development of
T-cells and engineered T-cells for the treatment of various
cancers. The company's lead product candidate is a ready-to-infuse
autologous T-cell therapy utilizing tumor-infiltrating lymphocytes
(TIL) for the treatment of patients with Stage 4 metastatic
melanoma, and is based on a clinical Cooperative Research and
Development Agreement with the National Cancer Institute. TIL
therapy is also being evaluated in physician-sponsored clinical
trials at MD Anderson Cancer Center and the H. Lee Moffitt Cancer
Center & Research Institute. For more information, please visit
http://www.lionbio.com.
Forward-Looking Statements
This press release contains certain forward-looking statements,
including statements regarding Lion's expectations on the
completion and timing of the offering and the anticipated use of
proceeds therefrom. These statements are subject to a number of
risks and uncertainties which may cause our actual results or
outcomes to be materially different from those expressed or implied
by the forward-looking statements. These risks and uncertainties
include market risks and uncertainties and risks and uncertainties
relating to the satisfaction of customary closing conditions for an
underwritten offering of securities, as well as the risks and
uncertainties described in the company's most recent Annual Report
on Form 10-K and its other filings with the SEC. Except as required
by law, Lion undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: Investor Relations
The Trout Group
Tricia Truehart
646-378-2953
ttruehart@troutgroup.com
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