Inovio Pharmaceuticals Announces Pricing of Public Offering of Common Stock
April 30 2015 - 9:00AM
Inovio Pharmaceuticals, Inc. (Nasdaq:INO) ("Inovio" or the
"Company"), today announced the pricing of an underwritten public
offering of 9,500,000 shares of common stock for a public offering
price of $8.00 per share. The gross proceeds to Inovio from this
offering are expected to be $76,000,000, before deducting the
underwriting discounts and commissions and other estimated offering
expenses payable by the Company. The Company has granted to the
underwriters participating in the offering a 30-day option to
purchase up to an additional 1,425,000 shares of common stock. The
offering is expected to close on or about May 5, 2015, subject to
customary closing conditions.
The Company intends to use the net proceeds received from the
sale of the common stock for general corporate purposes, including
clinical trial expenses, research and development expenses, general
and administrative expenses, manufacturing expenses and potential
acquisitions of companies and technologies that complement its
business.
Piper Jaffray & Co. and Stifel are acting as joint
bookrunning managers for the offering. H.C. Wainwright & Co.,
LLC, Brean Capital, LLC and Maxim Group LLC are acting as
co-managers of the offering.
The securities described above are being offered by Inovio
pursuant to a shelf registration statement previously filed with
and declared effective by the Securities and Exchange Commission
(the "SEC") on August 8, 2014. The offering will be made only by
means of the written prospectus and prospectus supplement that form
a part of the registration statement. A preliminary prospectus
supplement and the accompanying prospectus relating to the
securities being offered has been filed with the SEC and is
available on the SEC's website at http://www.sec.gov. Copies of the
preliminary prospectus supplement and the accompanying prospectus
relating to the securities being offered may also be obtained from
Piper Jaffray & Co., Attention: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at
800-747-3924 or email at prospectus@pjc.com; or from Stifel,
Nicolaus & Company, Incorporated, Attention: Syndicate, One
Montgomery Street, Suite 3700, San Francisco, CA 94104, via
telephone at 415-364-2720 or email at
syndprospectus@stifel.com.
This press release does not constitute an offer to sell
or the solicitation of offers to buy any securities of Inovio being
offered, and shall not constitute an offer, solicitation or sale of
any security 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 Inovio Pharmaceuticals, Inc.
Inovio is revolutionizing the fight against cancer and
infectious diseases. Our immunotherapies uniquely activate
best-in-class immune responses to prevent and treat disease, and
have shown clinically significant efficacy with a favorable safety
profile. With an expanding portfolio of immune therapies, the
company is advancing a growing preclinical and clinical stage
product pipeline. Partners and collaborators include Roche,
MedImmune, University of Pennsylvania, DARPA, Drexel University,
NIH, HIV Vaccines Trial Network, National Cancer Institute, U.S.
Military HIV Research Program, and University of Manitoba. For more
information, visit www.inovio.com.
This press release contains certain forward-looking statements
under the Private Securities Litigation Reform Act of 1995 relating
to our business, including our plans to develop
electroporation-based drug and gene delivery technologies and DNA
vaccines, our expectations regarding our research and development
programs and our capital resources. Actual events or results may
differ from the expectations set forth herein as a result of a
number of factors, including that the offering is subject to
customary closing conditions, and uncertainties inherent in
pre-clinical studies, clinical trials and product development
programs (including, but not limited to, the fact that pre-clinical
and clinical results referenced in this release may not be
indicative of results achievable in other trials or for other
indications, that the studies or trials may not be successful or
achieve the results desired, including safety and efficacy for
VGX-3100, that pre-clinical studies and clinical trials may not
commence or be completed in the time periods anticipated, that
results from one study may not necessarily be reflected or
supported by the results of other similar studies and that results
from an animal study may not be indicative of results achievable in
human studies), the availability of funding to support continuing
research and studies in an effort to prove safety and efficacy of
electroporation technology as a delivery mechanism or develop
viable DNA vaccines, our ability to support our broad pipeline of
SynCon® active immune therapy and vaccine products, our ability to
advance our portfolio of immune-oncology products independently,
including INO-5150, and to commence a phase I clinical trial for
INO-5150 in the first half of 2015, the adequacy of our capital
resources, the availability or potential availability of
alternative therapies or treatments for the conditions targeted by
the company or its collaborators, including alternatives that may
be more efficacious or cost-effective than any therapy or treatment
that the company and its collaborators hope to develop, our ability
to enter into partnerships in conjunction with our research and
development programs, evaluation of potential opportunities, issues
involving product liability, issues involving patents and whether
they or licenses to them will provide the company with meaningful
protection from others using the covered technologies, whether such
proprietary rights are enforceable or defensible or infringe or
allegedly infringe on rights of others or can withstand claims of
invalidity and whether the company can finance or devote other
significant resources that may be necessary to prosecute, protect
or defend them, the level of corporate expenditures, assessments of
the company's technology by potential corporate or other partners
or collaborators, capital market conditions, the impact of
government healthcare proposals and other factors set forth in our
Annual Report on Form 10-K for the year ended December 31, 2014,
and other regulatory filings from time to time. There can be no
assurance that any product in Inovio's pipeline will be
successfully developed or manufactured, that final results of
clinical studies will be supportive of regulatory approvals
required to market licensed products, or that any of the
forward-looking information provided herein will be proven
accurate.
CONTACT: Investors:
Bernie Hertel
Inovio Pharmaceuticals
858-410-3101
bhertel@inovio.com
Media:
Jeff Richardson
Inovio Pharmaceuticals
267-440-4211
jrichardson@inovio.com
Inovio Pharmaceuticals (NASDAQ:INO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Inovio Pharmaceuticals (NASDAQ:INO)
Historical Stock Chart
From Sep 2023 to Sep 2024