Endocyte Announces Pricing of Public Offering of Common Stock
September 11 2018 - 7:53PM
Endocyte, Inc. (Nasdaq Global Market:ECYT), a biopharmaceutical
company developing targeted therapeutics for personalized cancer
treatment, announced today the pricing of an underwritten
registered public offering of 9,459,460 shares of its common stock
at a price to the public of $18.50 per share. In addition,
Endocyte granted the underwriters a 30-day option to purchase up to
an additional 1,418,919 shares of its common stock on the same
terms and conditions. All shares of common stock sold in the
offering are being sold by Endocyte. Endocyte expects to close the
offering on or about September 14, 2018, subject to the
satisfaction of customary closing conditions.
Endocyte anticipates that the aggregate net
proceeds from the offering will be approximately $164.0 million,
after deducting underwriting discounts and commissions and
estimated offering expenses payable by Endocyte, but excluding any
exercise of the underwriters’ option to purchase additional shares
of common stock. Endocyte intends to use the net proceeds
from the offering to fund the continued clinical development of its
pipeline products and preparation for the commercial launch of
177Lu-PSMA-617, if approved, as well as for working capital and
general corporate purposes.
Jefferies LLC, Wells Fargo Securities, LLC and
RBC Capital Markets, LLC are acting as joint book-running managers
for the offering. Wedbush Securities Inc. is acting as lead
manager for the offering.
The securities described above are being offered
pursuant to a shelf registration statement on Form S-3 filed with
the U.S. Securities and Exchange Commission, or the SEC, that
became automatically effective on September 10, 2018. A
preliminary prospectus supplement and accompanying prospectus
relating to and describing the terms of the offering were filed
with the SEC on September 10, 2018. The final prospectus
supplement and accompanying prospectus relating to the offering
will be filed with the SEC and, when available, 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 RBC Capital Markets, LLC,
Attention: Equity Syndicate Department, 200 Vesey Street, 8th
Floor, New York, New York 10281, by telephone at (877) 822-4089, or
by email at equityprospectus@rbccm.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, in phase 3 for metastatic castration-resistant
prostate cancer (mCRPC) for PSMA-positive patients. Endocyte also
expects to have an Investigational New Drug application submitted
in the fourth quarter of 2018 for its adaptor-controlled CAR T-cell
therapy which will be studied initially 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, the anticipated closing of the offering, 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, except as
required under applicable law.
Investor Contact
Michael Schaffzin, Stern Investor Relations,
Inc., (212) 362-1200, michael@sternir.com
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