INmune Bio Inc. Announces $9.7 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
April 25 2024 - 9:00AM
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 986,000 shares
of its common stock and warrants to purchase up to an aggregate of
986,000 shares of its common stock at an offering price of $9.84
per share of common stock and accompanying warrant. The warrants
include an acceleration clause upon positive top-line data in the
Company’s Phase 2 Alzheimer’s Disease program (as further described
below). The offering was priced at-the-market under
Nasdaq rules based on the average of the previous 5-days’ closing
prices, or $9.84 per share which includes $0.125 per warrant. 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 positive
top-line data (EMACC) in the Phase 2 Alzheimer's program of
XPro1595, (the “Termination Date”). The gross proceeds of this
offering are approximately $9.7 million before deducting placement
agent fees and expenses. The closing of the offering is expected to
occur on or about April 29, 2024, subject to the satisfaction of
customary closing conditions.
The net proceeds is expected to fund the Company through the
readout of the ongoing Phase 2 trial (AD02) in patients with Early
Alzheimer’s Disease (AD) using XPro™ and through the metastatic
castration-resistant prostate cancer (mCRPC) Phase 1 trial using
the INKmune technology.
Maxim Group LLC is acting as sole placement agent for the
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
Maxim Group LLC, 300 Park Avenue, New York, NY 10022 or by
telephone at (212) 895-3500 or by email at syndicate@maximgrp.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, statements by
the Company relaying to the completion of the offering; the
satisfaction of customary closing conditions; the intended use of
proceeds from the offering; 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) 964-3720 info@inmunebio.com
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