PLYMOUTH MEETING, Pa.,
Jan. 20, 2021 /PRNewswire/
-- INOVIO Pharmaceuticals, Inc. (Nasdaq: INO),
a biotechnology company focused on bringing to market precisely
designed DNA medicines to treat and protect people from infectious
diseases, including COVID-19, cancer and HPV-associated
diseases, today announced the pricing of an
underwritten public offering of 17,700,000 shares of its common
stock at a public offering price of $8.50 per share. In addition, INOVIO has granted
the underwriters a 30-day option to purchase up to an additional
2,655,000 shares of common stock at the public offering price, less
underwriting discounts and commissions. Gross proceeds to INOVIO
from the offering are expected to be approximately $150.5 million, before deducting underwriting
discounts and commissions and estimated offering expenses, but
excluding any exercise of the underwriters' option. All of the
shares are being sold by INOVIO.
INOVIO intends to use the net proceeds from this offering for
the development of its clinical pipeline, including clinical
development expenses relating to INO-4800 and research and
development expenses, and for general corporate purposes, including
working capital and general and administrative expenses.
BofA Securities, Jefferies and Cantor are acting as joint
book-running managers for the offering. Oppenheimer & Co. is
acting as lead manager for the offering. The Benchmark Company,
Maxim Group LLC and National Securities Corporation are acting
as co-managers for the offering. The offering is expected to close
on or about January 25, 2021, subject
to customary closing conditions.
The shares were offered by INOVIO pursuant to a shelf
registration statement filed by INOVIO with the Securities and
Exchange Commission (SEC) that became automatically effective on
January 20, 2021. This offering was
made only by means of a written prospectus and prospectus
supplement that form a part of the registration statement. A
preliminary prospectus supplement relating to and describing the
terms of the offering has been filed with the SEC and may be
obtained for free by visiting the SEC's website at www.sec.gov. The
final terms of the offering will be disclosed in a final prospectus
supplement to be filed with the SEC. Copies of the final prospectus
supplement and the accompanying prospectus relating to the offering
may also be obtained by contacting: BofA Securities, Attention:
Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255, or by
email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention:
Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, or by
telephone at (877) 821-7388, or by e-mail at
Prospectus_Department@Jefferies.com; or Cantor Fitzgerald &
Co., Attn: Capital Markets, 499 Park Avenue, 6th floor,
New York, NY 10022; Email:
prospectus@cantor.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
INOVIO is a biotechnology company focused on rapidly bringing to
market precisely designed DNA medicines to treat and protect people
from infectious diseases, cancer, and diseases associated with HPV.
INOVIO is the first and only company to have clinically
demonstrated that a DNA medicine can be delivered directly into
cells in the body via a proprietary smart device to produce a
robust and tolerable immune response. Specifically, INOVIO's lead
candidate VGX-3100, currently in Phase 3 trials for precancerous
cervical dysplasia, destroyed and cleared high-risk HPV 16 and 18
in a Phase 2b clinical trial. Also in
development are programs targeting HPV-related cancers and a rare
HPV-related disease, recurrent respiratory papillomatosis;
non-HPV-related cancers glioblastoma multiforme and prostate
cancer; as well as externally funded infectious disease DNA vaccine
development programs in coronaviruses associated with COVID-19 and
MERS diseases, Zika, Lassa fever, Ebola and HIV.
Forward-Looking Statements
This release contains or may imply "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, Section 21E of the Securities Exchange Act of
1934 and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are not based on historical fact
and include, but are not limited to, statements regarding
anticipated gross proceeds, anticipated closing date and the
intended use of proceeds generated from the offering. Any
forward-looking statements are based on management's current
expectations of future events and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially and adversely from those set forth in or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, risks and uncertainties related to market
conditions and satisfaction of customary closing conditions related
to the proposed public offering. For a discussion of other risks
and uncertainties, and other important factors, any of which could
cause our actual results to differ from those contained in the
forward-looking statements, see the section entitled "Risk Factors"
in INOVIO's Annual Report on Form 10-K for the year ended
December 31, 2019, filed with the SEC
on March 12, 2020, INOVIO's Form 10-Q
for the quarter ended September 30,
2020, filed with the SEC on November
9, 2020, 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. These forward-looking statements speak only as of the
date hereof and INOVIO undertakes no obligation to update
forward-looking statements, and readers are cautioned not to place
undue reliance on such forward-looking statements.
CONTACTS:
Media: Jeff Richardson,
267-440-4211, jrichardson@inovio.com
Investors: Ben Matone, 484-362-0076,
ben.matone@inovio.com
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SOURCE INOVIO Pharmaceuticals, Inc.