Adaptive Biotechnologies Announces Proposed Public Offering of Common Stock
July 14 2020 - 4:44PM
Adaptive Biotechnologies Corporation (Nasdaq: ADPT), a commercial
stage biotechnology company that aims to translate the genetics of
the adaptive immune system into clinical products to diagnose and
treat disease, announced today the commencement of a proposed
underwritten public offering of 8,000,000 shares of its common
stock (6,000,000 of which are being offered for sale by Adaptive
and 2,000,000 of which are being offered for sale by a selling
shareholder). In addition, Adaptive expects to grant the
underwriters a 30-day option to purchase up to 1,200,000 additional
shares of common stock at the public offering price, less
underwriting discounts and commissions. The proposed offering is
subject to market and other conditions, and there can be no
assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering.
Adaptive intends to use the net proceeds from the offering,
after deducting underwriting discounts and commissions and
estimated offering expenses payable by Adaptive, primarily to
accelerate investments in Adaptive’s TCR-Antigen Map activities,
scale commercial and marketing activities associated with immunoSEQ
Dx clinical products and services, and support continued research
and development for drug discovery initiatives. A portion of the
net proceeds may also be used to scale Adaptive’s laboratory
operations and capacity to support commercial growth plans and for
working capital and other general corporate purposes. Adaptive will
not receive any of the proceeds from the sale of the shares of its
common stock being offered by the selling shareholder.
J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities are
acting as joint lead book-running managers for the offering.
The public offering is being made pursuant to an automatic shelf
registration statement on Form S-3 that was filed by Adaptive with
the U.S. Securities and Exchange Commission (SEC) on July 14, 2020
and automatically became effective upon filing. A preliminary
prospectus supplement and accompanying prospectus relating to and
describing the terms of the offering has been filed with the SEC
and is available on the SEC’s website at www.sec.gov. Copies
of the preliminary prospectus supplement and accompanying
prospectus may also be obtained by contacting: J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204
or by email at prospectus-eq_fi@jpmchase.com; Goldman Sachs &
Co. LLC, Attention: Prospectus Department, 200 West Street, New
York, NY 10282, by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com; or BofA Securities, NC1-004-03-43,
200 North College Street, 3rd floor, Charlotte, NC 28255-0001,
Attn: Prospectus Department, or by email at
dg.prospectus_requests@bofa.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 other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Adaptive Biotechnologies
Adaptive Biotechnologies is a commercial-stage
biotechnology company focused on harnessing the inherent biology of
the adaptive immune system to transform the diagnosis and treatment
of disease. We believe the adaptive immune system is nature’s most
finely tuned diagnostic and therapeutic for most diseases, but the
inability to decode it has prevented the medical community from
fully leveraging its capabilities. Our proprietary immune medicine
platform reveals and translates the massive genetics of the
adaptive immune system with scale, precision and speed to develop
products in life sciences research, clinical diagnostics, and drug
discovery. We have two commercial products, and a robust clinical
pipeline to diagnose, monitor and enable the treatment of diseases
such as cancer, autoimmune conditions and infectious diseases. Our
goal is to develop and commercialize immune-driven clinical
products tailored to each individual patient.
Caution Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
These statements include statements regarding the proposed offering
of Adaptive’s common stock, the timing and size of and mix of
primary and secondary shares in the proposed offering, the grant of
the option to purchase additional shares and the anticipated use of
the net proceeds by Adaptive from the proposed offering. Such
statements are based on current assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties, many of which are
beyond Adaptive’s control, include, but are not limited to, those
described more fully in the section captioned “Risk Factors” in
Adaptive’s most recently filed Quarterly Report on Form 10-Q and in
Adaptive’s preliminary prospectus supplement dated July 14,
2020 and the documents incorporated in the prospectus supplement by
reference. These forward-looking statements speak only as of the
date hereof and should not be unduly relied upon. Adaptive
disclaims any obligation to update these forward-looking
statements, except as required by law.
ADAPTIVE MEDIA Beth Keshishian 917-912-7195
media@adaptivebiotech.com
ADAPTIVE INVESTORS Karina Calzadilla, Vice
President, Investor Relations201-396-1687 Carrie Mendivil,
Gilmartin Group investors@adaptivebiotech.com
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