Endocyte Announces Closing of Public Offering of Common Stock
March 02 2018 - 4:01PM
Endocyte, Inc. (Nasdaq:ECYT), a biopharmaceutical company
developing targeted therapeutics for personalized cancer treatment,
announced today the closing of an underwritten registered public
offering of 20,535,714 shares of its common stock, including full
exercise of the underwriters’ option to purchase additional shares
of common stock, at a public offering price of $4.20 per
share. All shares of common stock sold in the offering were
sold by Endocyte.
Endocyte received aggregate net proceeds from
the offering of approximately $80.6 million, after deducting
underwriting discounts and commissions and estimated offering
expenses payable by Endocyte. Endocyte intends to use the net
proceeds from the offering to fund the continued clinical
development of its pipeline products, as well as for working
capital and general corporate purposes.
Jefferies LLC, Wells Fargo Securities, LLC, and
Deutsche Bank Securities Inc. acted as joint book-running managers
for the offering. Wedbush Securities Inc. acted as co-lead
manager for the offering.
The securities described above were offered
pursuant to a shelf registration statement on Form S-3 (File No.
333-220920) that was declared effective by the U.S. Securities and
Exchange Commission, or the SEC, on October 24, 2017. The
offering was made by means of a prospectus supplement and
accompanying prospectus filed with the SEC, copies of which
may be obtained by visiting the SEC’s website at www.sec.gov or by
contacting Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, New York
10022, by telephone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com; Wells Fargo Securities, LLC,
Attention: Equity Syndicate Department, 375 Park Avenue, New York,
New York 10152, by telephone at (800) 326-5897, or by email at
cmclientsupport@wellsfargo.com; or Deutsche Bank Securities Inc.,
Attention: Prospectus Group, 60 Wall Street, New York, New York
10005, by telephone at (800) 503-4611, or by email at
prospectus.cpdg@db.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, 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
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Endocyte
Endocyte is a biopharmaceutical company and
leader in developing targeted therapies for the personalized
treatment of cancer. The company's drug conjugation technology
targets therapeutics and companion imaging agents specifically to
the site of diseased cells. Endocyte’s lead program is a prostate
specific membrane antigen (PSMA)-targeted radioligand therapy,
177Lu-PSMA-617, entering phase 3 for metastatic
castration-resistant prostate cancer (mCRPC). Endocyte is also
advancing its adaptor-controlled CAR T-cell therapy into the clinic
in 2018, where it will be studied in osteosarcoma.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These include statements regarding, but
not limited to, Endocyte’s expected uses of the proceeds from the
offering and the timing of clinical studies of Endocyte’s product
candidates. Forward-looking statements can be identified by
the use of words such as “may,” “will,” “plan,” “should,” “expect,”
“anticipate,” “estimate,” “continue” or comparable terminology.
Forward-looking statements involve risks and uncertainties that
could cause actual results or developments to differ materially
from those indicated due to a number of factors affecting
Endocyte’s operations, markets, products and services. Endocyte
identifies the principal risks and uncertainties that impact its
performance in its public reports filed with the SEC, including the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition” sections of Endocyte’s most recent Annual
Report on Form 10-K, as may be supplemented or amended by
Endocyte’s subsequent Quarterly Reports on Form 10-Q.
Forward-looking statements speak only as of the date on which they
are made and Endocyte assumes no obligation to update any
forward-looking statements.
Investor Contact
Stephanie Ascher, Stern Investor Relations,
Inc., (212) 362-1200, stephanie@sternir.com
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