Iovance Biotherapeutics, Inc. Announces Pricing of Its Public Offering of $50 Million of Common Stock
September 20 2017 - 06:07PM
Iovance Biotherapeutics, Inc. (NASDAQ:IOVA), a biotechnology
company developing novel cancer immunotherapies based on
tumor-infiltrating lymphocyte (TIL) technology, today announced the
pricing of an underwritten public offering of 7,692,308 shares of
its common stock at a public offering price of $6.50 per share. The
gross proceeds from the offering, before deducting the underwriting
discounts and commissions and other estimated offering expenses
payable by Iovance, are expected to be $50 million. In
addition, Iovance has granted the underwriters a 30-day option to
purchase up to 1,153,846 additional shares of common stock at the
public offering price, less the underwriting discounts and
commissions. The offering is expected to close on or about
September 25, 2017, subject to customary closing conditions.
Iovance intends to use the net proceeds from this
offering to fund its current and future clinical trials for its
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 TIL
product 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, Oppenheimer & Co. Inc.
is acting as the lead manager, and H.C. Wainwright & Co., LLC
and Chardan, LLC are acting as co-managers for the offering.
The shares of common stock described above were
offered by Iovance pursuant to a 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 on September 19, 2017. A final
prospectus supplement relating to the offering will be filed with
the SEC. Copies of the final prospectus supplement and the
accompanying prospectus may be obtained from Jefferies LLC, 520
Madison Avenue, New York, New York, 10022, by email to
Prospectus_Department@Jefferies.com, or by phone at (877) 821-7388;
or from Wells Fargo Securities, LLC, Attention: Equity Syndicate
Department, 375 Park Avenue, New York, New York, 10152, by email to
cmclientsupport@wellsfargo.com, or by phone at (800) 326-5897.
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 trends and potential
future results and 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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