Iovance Biotherapeutics, Inc. Announces Public Offering of Common Stock
September 19 2017 - 4:35PM
Iovance Biotherapeutics, Inc. (NASDAQ:IOVA), a biotechnology
company developing novel cancer immunotherapies based on
tumor-infiltrating lymphocyte (TIL) technology, today announced
that it intends to offer and sell $50 million of its common stock,
subject to market and other conditions, in an underwritten public
offering. All of the shares in the offering are to be sold by
Iovance. Iovance intends to grant the underwriters a 30-day option
to purchase up to $7.5 million of common stock at the public
offering price, less the underwriting discounts and commissions.
Iovance intends to use the proceeds from this offering to fund its
ongoing clinical trials for its current product candidates,
including its ongoing Phase 2 clinical trials of LN-144, TIL for
treatment of metastatic melanoma, and LN-145, TIL for the treatment
of cervical and head and neck cancers to fund activities related to
commercial scale-up of the Company’s third party manufacturing
operations and for working capital and other general corporate
purposes.
Jefferies LLC and Wells Fargo Securities, LLC
are acting as joint book-running managers for the offering and
Oppenheimer & Co. Inc. is acting as the lead manager.
The shares of common stock described above are
being offered by Iovance pursuant to its shelf registration
statement on Form S-3 previously filed and declared effective by
the Securities and Exchange Commission (the SEC). A preliminary
prospectus supplement relating to the shares of common stock sold
in this offering was filed with the SEC. A final prospectus
supplement relating to the offering will be filed with the SEC.
When available, copies of the final prospectus supplement and the
accompanying prospectus may be obtained from Jefferies LLC, 520
Madison Avenue, New York, New York, 10022 or by email at
Prospectus_Department@Jefferies.com. To obtain a copy of the
prospectus supplement and related base prospectus for this
offering, please contact Wells Fargo Securities, LLC, Attention:
Equity Syndicate Department, 375 Park Avenue, New York, New York,
10152, at (800) 326-5897 or email a request to
cmclientsupport@wellsfargo.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, 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 Iovance Biotherapeutics,
Inc.Iovance Biotherapeutics, Inc. (the Company) is a
clinical-stage biotechnology company focused on the development of
cancer immunotherapy products for the treatment of various cancers.
The Company's lead product candidate is an adoptive cell therapy
using tumor-infiltrating lymphocyte (TIL) technology being
investigated for the treatment of patients with metastatic
melanoma, recurrent and/or metastatic squamous cell carcinoma of
the head and neck and recurrent and metastatic or persistent
cervical cancer. For more information, please
visit http://www.iovance.com.
Forward Looking
StatementsCertain matters discussed in this press release
are "forward-looking statements". We may, in some cases, use terms
such as "predicts," "believes," "potential," "continue,"
"estimates," "anticipates," "expects," "plans," "intends," "may,"
"could," "might," "will," "should" or other words that convey
uncertainty of future events or outcomes to identify these
forward-looking statements. In particular, the Company's statements
regarding its expectations with respect to its proposed public
offering are examples of such forward-looking statements. The
forward-looking statements include risks and uncertainties,
including, but not limited to, the uncertainties related to market
conditions and the completion of the public offering on the
anticipated terms or at all, the success, timing and cost of our
ongoing clinical trials and anticipated clinical trials for our
current product candidates, including statements regarding the
timing of initiation and completion of the trials; the timing of
and our ability to obtain and maintain U.S. Food and Drug
Administration or other regulatory authority approval of, or other
action with respect to, our product candidates; the strength of the
Company's product pipeline; the successful implementation of the
Company's research and development programs and collaborations; the
success of the Company's license or development agreements; the
acceptance by the market of the Company's product candidates, if
approved; and other factors, including general economic conditions
and regulatory developments, not within the Company's control. The
factors discussed herein could cause actual results and
developments to be materially different from those expressed in or
implied by such statements. A further list and description of
the Company's risks, uncertainties and other factors can be found
in the Company's most recent Annual Report on Form 10-K and the
Company's subsequent filings with the Securities and Exchange
Commission. Copies of these filings are available online
at www.sec.gov or www.iovance.com. The
forward-looking statements are made only as of the date of this
press release and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events
or circumstance.
Investor Relations Contact: Sarah McCabeStern
Investor Relations, Inc.212-362-1200sarah@sternir.com
Media Relations Contact:Evan Smith/Kotaro
YoshidaFTI Consulting212-850-5622/212-850-5690
evan.smith@fticonsulting.com kotaro.yoshida@fticonsulting.com
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