ORIC Pharmaceuticals Announces Pricing of Upsized Public Offering
November 13 2020 - 6:32AM
ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage
oncology company focused on developing treatments that address
mechanisms of therapeutic resistance, today announced the pricing
of an upsized underwritten public offering of 5,040,000 shares of
its common stock at a price of $23.00 per share. All of the shares
of common stock are being offered by ORIC. In addition, ORIC has
granted the underwriters a 30-day option to purchase up to 756,000
additional shares of common stock at the public offering price,
less the underwriting discounts and commissions. The gross proceeds
to ORIC from the offering, before deducting underwriting discounts
and commissions and other offering expenses payable by ORIC, are
expected to be approximately $115.9 million, excluding any exercise
of the underwriters’ option to purchase additional shares. The
offering is expected to close on November 17, 2020, subject to
customary closing conditions.
J.P. Morgan Securities LLC,
Citigroup, Jefferies LLC and Guggenheim Securities are acting
as joint book-running managers for the offering. Oppenheimer &
Co. Inc. is acting as lead manager for the proposed offering.
The offering is made only by means of a prospectus,
copies of which may be obtained, when available, from: J.P.
Morgan Securities LLC, Attention: Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by telephone at (866) 803-9204 or by email
at prospectus-eq_fi@jpmchase.com; Citigroup Global
Markets Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717 or by telephone at
(800) 831-9146; Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, by telephone at (877) 821-7388
or by email at Prospectus_Department@Jefferies.com;
or Guggenheim Securities, LLC, Attention: Equity
Syndicate Department, 330 Madison, 8th Floor, New York,
NY 10017, by telephone at (212) 518-9658 or by email
at GSEquityProspectusDelivery@guggenheimpartners.com.
Registration statements relating to the securities
have been filed with the Securities and Exchange Commission and
have become effective. This press release does not constitute an
offer to sell or a solicitation of an offer to buy these
securities, nor will there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful before registration or qualification under the
securities laws of that state or jurisdiction.
About ORIC Pharmaceuticals,
Inc.
ORIC Pharmaceuticals is a clinical stage
biopharmaceutical company dedicated to improving patients’ lives by
Overcoming Resistance In Cancer. ORIC’s lead product candidate,
ORIC-101, is a potent and selective small molecule antagonist of
the glucocorticoid receptor, which has been linked to resistance to
multiple classes of cancer therapeutics across a variety of solid
tumors. ORIC-101 is currently in two separate Phase 1b trials of
ORIC-101 in combination with (1) Xtandi (enzalutamide) in
metastatic prostate cancer and (2) Abraxane (nab-paclitaxel) in
advanced or metastatic solid tumors. ORIC’s other product
candidates include (1) ORIC-533, an orally bioavailable small
molecule inhibitor of CD73, a key node in the adenosine pathway
believed to play a central role in resistance to chemotherapy- and
immunotherapy-based treatment regimens, (2) ORIC-944, an allosteric
inhibitor of the polycomb repressive complex 2 (PRC2) via the EED
subunit, being developed for prostate cancer, and (3) ORIC-114, a
brain penetrant inhibitor designed to selectively target EGFR and
HER2 with high potency against exon 20 insertion mutations, being
developed across multiple genetically defined cancers. Beyond these
four product candidates, ORIC is also developing multiple precision
medicines targeting other hallmark cancer resistance mechanisms.
ORIC has offices in South San Francisco and San Diego,
California.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements as that term is defined in Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release that are not purely historical are
forward-looking statements. Such forward-looking statements
include, among other things, statements regarding the terms, timing
and completion of the public offering of common stock. The
forward-looking statements contained herein are based upon ORIC’s
current expectations and involve assumptions that may never
materialize or may prove to be incorrect. Actual results could
differ materially from those projected in any forward-looking
statements due to numerous risks and uncertainties, including but
not limited to risks and uncertainties related to market conditions
and satisfaction of customary closing conditions related to the
offering, and other risks. Further information regarding such risks
and uncertainties may be found in ORIC’s registration statement on
Form S-1 filed with the Securities and Exchange
Commission (SEC) on November 10, 2020 and the preliminary
prospectus included therein, as well as other
documents ORIC files from time to time with the SEC,
including ORIC’s Quarterly Report on Form 10-Q filed with the SEC
on November 5, 2020, and ORIC’s future reports to be filed with the
SEC. These forward-looking statements are made as of the date of
this press release, and ORIC assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements, except as required by law.
For more information, please
contact:Dominic Piscitelli, Chief Financial
Officerdominic.piscitelli@oricpharma.cominfo@oricpharma.com
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