Ignyta Announces Closing of Public Offering of Common Stock & Full Exercise of Underwriters’ Option to Purchase Additional ...
May 09 2017 - 4:00PM
Business Wire
Ignyta, Inc. (Nasdaq: RXDX) ("Ignyta"), a biotechnology company
focused on precision medicine in oncology, today announced the
closing of its previously announced underwritten public offering of
14.375 million shares of its common stock at a price to the public
of $6.15 per share, which includes 1.875 million additional shares
of common stock issued upon the exercise in full of the
underwriters’ option to purchase additional shares. The aggregate
gross proceeds from this offering are approximately $88.4 million,
before deducting the underwriting discounts and commissions and
estimated offering expenses.
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. acted as
joint book-running managers for the offering. Ladenburg Thalmann
& Co. Inc. acted as co-manager for the offering.
The shares described above were 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 was filed with the SEC and is
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 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 anticipated use of proceeds
from the public offering. 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/20170509006077/en/
Ignyta, Inc.Jacob Chacko, M.D.CFO858-255-5959jc@ignyta.com
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