MacroGenics Announces Pricing of Public Offering of Common Stock
March 28 2018 - 7:30AM
MacroGenics, Inc. (Nasdaq: MGNX), a clinical-stage
biopharmaceutical company focused on discovering and developing
innovative monoclonal antibody-based therapeutics for the treatment
of cancer, today announced the pricing of an underwritten public
offering of 4,500,000 shares of its common stock at a public
offering price of $21.25 per share, before underwriting discounts
and commissions. In addition, MacroGenics has granted the
underwriters a 30-day option to purchase up to an additional
675,000 shares of common stock at the public offering price, less
underwriting discounts and commissions.
Leerink Partners, Deutsche Bank Securities and Evercore Group
L.L.C. are acting as joint book-running managers of the proposed
offering. Stifel, Nomura and SunTrust Robinson Humphrey are acting
as lead managers and H.C. Wainwright & Co. is acting as
co-manager. The offering is expected to close on or about April 2,
2018, subject to customary closing conditions.
MacroGenics anticipates the total gross proceeds from the
offering (before deducting underwriters' discounts and commissions
and estimated offering expenses) will be approximately $95.6
million, excluding any exercise of the underwriters' option to
purchase additional shares. MacroGenics intends to use the proceeds
of this offering, together with its existing cash and cash
equivalents, for general corporate purposes and working capital
needs consistent with MacroGenics’ business plan which would
include, but would not be limited to: (i) potential late-stage
development of flotetuzumab for the treatment of acute myeloid
leukemia and/or margetuximab for the treatment of gastric cancer;
(ii) continued development of immune checkpoint-based DART® product
candidates; (iii) further investment in the development of current
pipeline programs as they continue to mature; (iv) other research
and development programs; and (v) in-licensing or acquiring other
products or technologies.
The shares are being offered by MacroGenics pursuant to an
effective shelf registration statement that was previously filed
with the Securities and Exchange Commission (SEC). A preliminary
prospectus supplement relating to and describing the terms of the
offering was filed with the SEC and is available on the SEC’s
website at www.sec.gov. When available, copies of the final
prospectus supplement and the accompanying prospectus relating to
these securities may also be obtained by contacting one of the
following: Leerink Partners LLC, Attention: Syndicate Department,
One Federal Street, 37th Floor, Boston, MA 02110, by telephone at
800-808-7525, ext. 6132 or by email at syndicate@leerink.com;
Deutsche Bank Securities Inc., 60 Wall Street, New York, New York
10005-2836, Attention: Prospectus Group, Telephone: (800) 503-4611,
E-mail: prospectus.cpdg@db.com; or from Evercore Group L.L.C. at
Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor,
New York, NY 10055, by telephone at (888) 474-0200, or by email at
ecm.prospectus@evercore.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 jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
Cautionary Note on Forward-Looking
Statements
Any statements in this press release about prospective
financings, future expectations, plans and prospects for the
Company, including statements about the Company's strategy, future
operations, clinical development of the Company's therapeutic
candidates, milestone or opt-in payments from the Company's
collaborators, the Company's anticipated milestones and future
expectations and plans and prospects for the Company and other
statements containing the words "subject to", "believe",
"anticipate", "plan", "expect", "intend", "estimate", "project",
"may", "will", "should", "would", "could", "can", the negatives
thereof, variations thereon and similar expressions, or by
discussions of strategy constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
uncertainties inherent in the initiation and enrollment of future
clinical trials, expectations of expanding ongoing clinical trials,
availability and timing of data from ongoing clinical trials,
expectations for regulatory approvals, market and other financing
conditions, other matters that could affect the availability or
commercial potential of the Company's product candidates and other
risks described in the Company's filings with the Securities and
Exchange Commission. In addition, the forward-looking statements
included in this press release represent the Company's views only
as of the date hereof. The Company anticipates that subsequent
events and developments will cause the Company's views to change.
However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so, except as may be
required by law. These forward-looking statements should not be
relied upon as representing the Company's views as of any date
subsequent to the date hereof.
About MacroGenics, Inc.
MacroGenics is a clinical-stage biopharmaceutical company
focused on discovering and developing innovative monoclonal
antibody-based therapeutics for the treatment of cancer. The
Company generates its pipeline of product candidates primarily from
its proprietary suite of next-generation antibody-based technology
platforms, which have applicability across broad therapeutic
domains. MacroGenics, the MacroGenics logo and DART are trademarks
or registered trademarks of MacroGenics, Inc.
CONTACT:
Jim Karrels, Senior Vice President, CFO
MacroGenics, Inc.
1-301-251-5172, info@macrogenics.com
Karen Sharma, Vice President
MacDougall Biomedical Communications
1-781-235-3060, ksharma@macbiocom.com
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