INmune Bio Inc. Raises Approximately $4.8 Million in Gross Proceeds Through Registered Direct Offering with Officers, Employees and Directors Purchasing Approximately 20% of the Offering
April 22 2024 - 8:00AM
INmune Bio, Inc. (NASDAQ: INMB) (the
“Company”), a clinical-stage immunology company focused on
developing treatments that harness the patient’s innate immune
system to fight disease, today announced today that it has
entered into definitive agreements for the sale and purchase of
571,592 shares of its common stock with above market warrant
exercise price that include an acceleration clause upon
positive top-line data in the Company’s Phase 2 Alzhzimer’s Disease
program (as further described below). The warrants give
the investor the right to purchase 571,592 additional shares of its
common stock in a registered direct offering. The offering was
priced at the market based on the Friday, April 19th Nasdaq
consolidated closing bid price of $8.32 per share. The exercise
price of the warrants is $9.152, which represents a 10% premium to
the price at which the common shares were offered. The warrants
terminate on the earlier of (1) the two (2) year anniversary of the
initial exercise date of the warrant or (2) thirty (30) trading
days following the reporting of top line data (EMACC) in the Phase
2 Alzheimer's program of XPro1595, (the “Termination Date”). The
gross proceeds of this offering are approximately $4.8 million
before deducting placement agent fees and expenses. The closing of
the offering is expected to occur on or about April 24, 2024,
subject to the satisfaction of customary closing conditions.
Members of management and the Company’s board of directors and
certain key employees participated in the offering and will pay a
combined offering price for the common stock and warrants of $8.445
per share and warrant, and in the case of officers and
directors that participated in the offering, if the warrant
termination date is on a blackout date then the officers and
directors will have an additional 60 days from the termination of
the blackout date to exercise the warrant.
The Company intends to use the net proceeds for
completing the ongoing Phase 2 trial (AD02) in patients with Early
Alzheimer’s Disease (AD) using XPro™ and the metastatic
castration-resistant prostate cancer (mCRPC) Phase 1 trial using
the INKmune technology.
LifeSci Capital is acting as sole placement
agent for this offering.
This offering is being made pursuant to an
effective shelf registration statement on Form S-3 (File No.
333-254221) previously filed with the U.S. Securities and Exchange
Commission (the “SEC”). A prospectus supplement describing the
terms of the proposed offering will be filed with the SEC and will
be available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the prospectus supplement may be obtained,
when available, from LifeSci Capital LLC 250 West 55th Street,
Suite 3401, New York, New York 10019 or by telephone at (646)
876-5059 or by email at ddepalma@lifescicapital.com. Before
investing in this offering, interested parties should read in their
entirety the prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC
that are incorporated by reference in such prospectus supplement
and the accompanying prospectus, which provide more information
about the Company and such offering.
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 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 INmune Bio, Inc.
INmune Bio Inc. is a publicly traded (NASDAQ:
INMB), clinical-stage biotechnology company focused on developing
treatments that target the innate immune system to fight disease.
INmune Bio has two product platforms that are both in clinical
trials: The Dominant-Negative Tumor Necrosis Factor (DN-TNF)
product platform utilizes dominant-negative technology to
selectively neutralize soluble TNF, a key driver of innate immune
dysfunction and a mechanistic driver of many diseases. DN-TNF
product candidates are in clinical trials to determine if they can
treat cancer (INB03™), Early Alzheimer’s disease, and
treatment-resistant depression (XPro™). The Natural Killer Cell
Priming Platform includes INKmune™ developed to prime a patient’s
NK cells to eliminate minimal residual disease in patients with
cancer. INmune Bio’s product platforms utilize a precision medicine
approach for the treatment of a wide variety of hematologic and
solid tumor malignancies, and chronic inflammation. To learn more,
please visit www.inmunebio.com.
Forward Looking Statements
Clinical trials are in the early stages and
there is no assurance that any specific outcome will be achieved.
Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. Any statements contained in this press release that do
not describe historical facts may constitute forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Any forward-looking statements
contained herein are based on current expectations but are subject
to a number of risks and uncertainties. Actual results and the
timing of certain events and circumstances may differ materially
from those described by the forward-looking statements as a result
of these risks and uncertainties. INB03™, XPro1595 (XPro™), and
INKmune™ are still in clinical trials or preparing to start
clinical trials and have not been approved by the US Food and Drug
Administration (FDA) or any regulatory body and there cannot be any
assurance that they will be approved by the FDA or any regulatory
body or that any specific results will be achieved. The factors
that could cause actual future results to differ materially from
current expectations include, but are not limited to, risks and
uncertainties relating to the Company’s ability to produce more
drug for clinical trials; the availability of substantial
additional funding for the Company to continue its operations and
to conduct research and development, clinical studies and future
product commercialization; and, the Company’s business, research,
product development, regulatory approval, marketing and
distribution plans and strategies. These and other factors are
identified and described in more detail in the Company’s filings
with the Securities and Exchange Commission, including the
Company’s Annual Report on Form 10-K, the Company’s Quarterly
Reports on Form 10-Q and the Company’s Current Reports on Form 8-K.
The Company assumes no obligation to update any forward-looking
statements in order to reflect any event or circumstance that may
arise after the date of this release.
INmune Bio Contact:
David Moss, CFO (858) 964-3720info@inmunebio.com
Investor Contact:
Jason NelsonCore IR(516) 842-9614 x-823
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