PLYMOUTH MEETING, Pa.,
Feb. 13, 2019 /PRNewswire/ -- Inovio
Pharmaceuticals, Inc. (NASDAQ: INO) announced today its intention
to offer, subject to market and other conditions, $65 million aggregate principal amount of
convertible senior notes due 2024 (the "notes") in a private
offering to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended (the "Securities
Act"). Inovio also expects to grant the initial purchasers of the
notes a 13-day option to purchase up to an additional $20 million aggregate principal amount of
notes.
The notes will be senior unsecured Inovio obligations and will
accrue interest payable semiannually in arrears. The notes will be
convertible in certain circumstances into cash, shares of Inovio's
common stock, or a combination of cash and shares of Inovio's
common stock, at Inovio's election. The interest rate, initial
conversion rate and other terms of the notes will be determined at
the time of the pricing of the offering.
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 and manufacturing expenses, and for other business
development activities.
The offer and sale of the notes and the shares, if any, issuable
upon conversion of the notes have not been and will not be
registered under the Securities Act or applicable state securities
laws, and the notes and such shares may not be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities
laws. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy the notes or any shares
issuable upon conversion of the notes, nor shall there be any sale
of the notes or such shares, in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful.
About Inovio Pharmaceuticals, Inc.
Inovio is a late-stage biotechnology company focused on the
discovery, development, and commercialization of DNA
immunotherapies that transform the treatment of cancer and
infectious diseases. Inovio's proprietary platform technology
applies next-generation antigen sequencing and DNA delivery to
activate potent immune responses to targeted diseases. The
technology functions exclusively in vivo, and has been demonstrated
to consistently activate robust and fully functional T cell and
antibody responses against targeted cancers and pathogens. Inovio
has reported generating T cells whose killing capacity correlates
with relevant clinical outcomes. Inovio's most advanced clinical
program, VGX-3100, is in Phase 3 for the treatment of HPV-related
cervical pre-cancer. Also in development are Phase 2
immuno-oncology programs targeting head and neck cancer, bladder
cancer, and glioblastoma, as well as platform development programs
in hepatitis B, Zika, Ebola, MERS, and HIV. Partners and
collaborators include MedImmune, Regeneron, Roche/Genentech,
ApolloBio Corporation, The Wistar Institute, The Bill & Melinda
Gates Foundation, the University of
Pennsylvania, Parker Institute for Cancer Immunotherapy,
CEPI, DARPA, GeneOne Life Science, Plumbline Life Sciences,
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 forward-looking statements that
involve a number of risks and uncertainties such as those, among
others, relating to Inovio's expectations regarding the completion,
timing and size of its proposed offering. Among the factors
that could cause actual results to differ materially from those
indicated in the forward-looking statements are risks and
uncertainties associated with market conditions, whether Inovio
will offer the notes or be able to consummate the proposed offering
at the anticipated size or on the anticipated terms, or at all, the
satisfaction of closing conditions related to the proposed
offering, as well as risks and uncertainties associated with
Inovio's business and finances in general, and the other risks
described in Inovio's quarterly report on Form 10-Q for the quarter
ended September 30, 2018.
Inovio undertakes no obligation to update the statements contained
in this press release after the date hereof.
CONTACTS:
Investors:
Ben Matone, Inovio, 484-362-0076,
ben.matone@inovio.com
Media: Jeff Richardson,
Inovio, 267-440-4211, jrichardson@inovio.com
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SOURCE Inovio Pharmaceuticals, Inc.