Inovio Announces Pricing of Public Offering of Common Stock
July 19 2017 - 10:10PM
Inovio Pharmaceuticals, Inc. (NASDAQ:INO) today announced the
pricing of an underwritten public offering of 12,500,000 shares of
its common stock, offered at a price to the public of $6.00 per
share. The gross proceeds to Inovio from the offering are
expected to be $75.0 million, before deducting the underwriting
discounts and commissions and offering expenses payable by
Inovio. All of the shares are being offered by Inovio.
The offering is expected to close on July 25, 2017, subject to
customary closing conditions. In addition, Inovio has granted
the underwriters a 30‑day option to purchase up to 1,875,000
additional shares of its common stock on the same terms and
conditions.
Inovio anticipates using the net proceeds from this
offering for general corporate purposes, including clinical trial
expenses, research and development expenses, general and
administrative expenses, manufacturing expenses and other business
development activities.
Citigroup, Piper Jaffray & Co. and RBC
Capital Markets are acting as joint book-running managers for the
offering. H.C. Wainwright & Co., Maxim Group LLC, Aegis
Capital Corp. and National Securities Corporation, are acting as
co-managers for the offering.
The shares of common stock described above are
being offered by Inovio pursuant to a shelf registration statement
filed by Inovio with the Securities and Exchange Commission
(SEC) that was declared effective on June 5, 2015. A final
prospectus supplement and accompanying prospectus relating to the
offering will be filed with the SEC and will be available on the
SEC’s website located at http://www.sec.gov. Copies of the
final prospectus supplement and the accompanying prospectus
relating to the offering, when available, may be obtained
from Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by telephone at (800) 831-9146; or from Piper
Jaffray & Co., Attention: Prospectus Department, 800 Nicollet
Mall, J12S03, Minneapolis, MN 55402, or by telephone at (800)
747-3924, or by email at prospectus@pjc.com.
This press release shall not constitute an offer to
sell or the 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 Inovio Pharmaceuticals,
Inc.
Inovio is taking immunotherapy to the next level in
the fight against cancer and infectious diseases. We are the only
immunotherapy company that has reported generating T cells in vivo
in high quantity that are fully functional and whose killing
capacity correlates with relevant clinical outcomes with a
favorable safety profile. With an expanding portfolio of immune
therapies, the company is advancing a growing preclinical and
clinical stage product pipeline. Partners and collaborators include
MedImmune, Regeneron, Genentech, The Wistar Institute, University
of Pennsylvania, DARPA, GeneOne Life Science, Plumbline Life
Sciences, ApolloBio Corporation, Drexel University, NIH, HIV
Vaccines Trial Network, National Cancer Institute, U.S. Military
HIV Research Program and Laval University.
Forward-Looking Statements
This press release contains certain forward-looking
statements relating to Inovio’s business that involve a number of
risks and uncertainties, including statements about its
expectations with respect to the public offering. These
statements may be identified by introductory words such as “may,”
“expects,” “plan,” “believe,” “will,” “achieve,” “anticipate,”
“would,” “should,” “subject to” or words of similar meaning, or by
the fact that they do not relate strictly to historical or current
facts. For such statements, Inovio claims the protection of
the Private Securities Litigation Reform Act of 1995. Actual
events or results may differ from the expectations set forth herein
as a result of a number of factors, including, but limited to,
risks and uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the public
offering, and other factors discussed in the “Risk Factors” section
of Inovio’s Annual Report on Form 10-K for the year ended December
31, 2016, filed with the SEC on March 15, 2017, Inovio’s Form 10-Q
for the quarter ended March 31, 2017, filed with the SEC on May 10,
2017, and other filings that Inovio makes with the SEC from time to
time. There can be no assurance that any of the forward-looking
information provided herein will be proven accurate.
In addition, the forward-looking statements
included in this press release represent Inovio’s views as of the
date hereof. Inovio anticipates that subsequent events and
developments may cause its views to change. However, while Inovio
may elect to update these forward-looking statements at some point
in the future, the company specifically disclaims any obligation to
do so, except as may be required by law. These forward-looking
statements should not be relied upon as representing Inovio’s views
as of any date subsequent to the date of this release.
CONTACTS:
Investors & Media:
Jeffrey C. Richardson, Inovio Pharmaceuticals, 267-440-4211, jrichardson@inovio.com
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