Lion Biotechnologies Announces Closing of Underwritten Public Offering of Common Stock and Full Exercise of the Underwriters'...
March 03 2015 - 9:10AM
Lion Biotechnologies, Inc. (Nasdaq:LBIO), a biotechnology company
that is developing novel cancer immunotherapies based on tumor
infiltrating lymphocytes (TIL), today announced the closing of its
underwritten public offering of 9,200,000 shares of its common
stock at $8.00 per share, including 1,200,000 shares sold pursuant
to the exercise in full of the underwriters' option to purchase
additional shares, resulting in gross proceeds from the offering of
$73.6 million, before deducting underwriting discounts and
commissions and offering expenses payable by Lion.
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. acted as the joint book-running managers of the offering, and
Roth Capital Partners, LLC acted as co-manager.
A 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 prospectus
supplement and accompanying prospectus relating to the offering may
be obtained from Jefferies LLC, Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, 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 with respect to
the anticipated use of proceeds from the offering. 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 risks associated with the actual
use of proceeds from the offering and Lion's management discretion
to determine how to use such proceeds, as well as the risks and
uncertainties described in Lion'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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