PLYMOUTH MEETING, Pa.,
March 1, 2019 /PRNewswire/
-- Inovio Pharmaceuticals, Inc. (NASDAQ: INO) announced today
the sale of additional 6.50% convertible senior notes due 2024 (the
"notes"), bringing the total amount of notes sold to $78.5 million in aggregate principal
amount. The additional notes, which were issued on
March 1, 2019 pursuant to a partial
exercise of the initial purchasers' option to purchase additional
notes, are in addition to Inovio's previously announced offering of
$65.0 million aggregate principal
amount of notes that closed on February 19,
2019 and another $5.0 million
of notes issued on that date upon the initial partial exercise of
the initial purchasers' option. The additional notes were sold on
the same terms in all respects as the notes previously issued on
February 19, 2019, and the terms of
the additional notes are identical to those previously issued. The
aggregate amount of the initial purchasers' option exercises
represent an approximately 21% increase from the base offering
amount of $65.0 million. Inovio
anticipates that the aggregate net proceeds from the offering will
increase to $75.8 million.
Piper Jaffray & Co. and
Cantor Fitzgerald & Co. acted as joint book-running managers
for the offering. H.C. Wainwright & Co., Maxim Group, LLC, and
National Securities Corporation acted as co-managers for the
offering.
The notes are senior unsecured obligations of Inovio. Inovio
intends to use the net proceeds from the 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 expected net proceeds from the 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, the
satisfaction of closing conditions related to the offering, and
risks related to the application of the net proceeds, if any, from
the 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, 484-362-0076, ben.matone@inovio.com
Media: Jeff
Richardson, 267-440-4211, jrichardson@inovio.com
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SOURCE Inovio Pharmaceuticals, Inc.