Molecular Templates, Inc. Announces Proposed Public Offering of Common Stock
September 19 2018 - 4:01PM
Molecular Templates, Inc. (Nasdaq: MTEM) (the “Company” or
“Molecular”), a clinical-stage oncology company focused on the
discovery and development of proprietary engineered toxin bodies
(ETBs), which are differentiated, targeted, biologic therapeutics
for cancer, today announced that it intends to offer and sell,
subject to market and other conditions, $30 million of its shares
of common stock in an underwritten public offering. Molecular
also intends to grant the underwriters a 30-day option to purchase
up to an additional 15% of the shares of common stock offered in
the public offering on the same terms and conditions. All of the
shares in the offering are to be sold by Molecular.
Molecular intends to use the net proceeds from the offering,
together with its existing cash and cash equivalents, to fund: its
ongoing Phase Ib and Phase II clinical studies and planned
additional Phase II clinical studies for MT-3724 in DLBCL; its
share of development expenses in its CD38 collaboration with
Takeda; its programs targeting HER2 and PD-L1; further preclinical
development and drug discovery activities in its other programs and
for working capital and general corporate purposes. The offering is
subject to market and other conditions, and there can be no
assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering.
Cowen, Evercore ISI and UBS Investment Bank are acting as joint
book-running managers for the offering. Laidlaw & Company (UK)
Ltd. is acting as lead manager for the offering. The shares are
being offered by Molecular pursuant to a shelf registration
statement on Form S-3 that was previously filed with the U.S.
Securities and Exchange Commission (the “SEC”) and declared
effective by the SEC. A preliminary prospectus supplement relating
to the offering will be filed with the SEC. When available, copies
of the preliminary prospectus supplement and the accompanying
prospectus relating to these securities may be obtained from Cowen
and Company, LLC, c/o Broadridge Financial Services, 1155 Long
Island Avenue, Edgewood, NY 11717, Attention: Prospectus
Department, or by telephone at (631) 274-2806; Evercore Group
L.L.C., 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 or UBS Securities LLC,
Attention: Prospectus Department, 1285 Avenue of the Americas, New
York, NY 10019, by telephone at 1-888-827-7275 or by emailing
ol-prospectus-request@ubs.com. You may also obtain these documents
free of charge by visiting the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Forward-Looking Statements This press release
contains forward-looking statements for purposes of the Private
Securities Litigation Reform Act of 1995 (the
“Act”). Molecular disclaims any intent or obligation to
update these forward-looking statements, and claims the protection
of the Act’s Safe Harbor for forward-looking statements. All
statements, other than statements of historical facts, included in
this press release regarding strategy, future operations, future
financial position, future revenue, projected expenses, prospects,
plans and objectives of management are forward-looking statements.
In addition, when or if used in this press release, the words
“may,” “could,” “should,” “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “predict” and similar expressions and
their variants, as they relate to Molecular , may identify
forward-looking statements. Examples of such statements
include, but are not limited to, statements relating to Molecular’s
expectations with respect to its proposed offering, Molecular’s
expectations with respect to its collaboration with Takeda, its
intention to grant the underwriters an option to purchase
additional shares and its intended use of proceeds from the
proposed offering.
Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties. Actual events or
results may differ materially from those discussed in the
forward-looking statements as a result of various factors
including, but not limited to, the uncertainties inherent in the
preclinical and clinical development process; whether the
Company’s cash resources will be sufficient to fund its continuing
operations for the periods and/or trials anticipated; the ability
of the Company to protect its intellectual property rights; and
legislative, regulatory, political and economic developments, as
well as those risks identified under the heading “Risk Factors” in
the Company’s filings with the SEC. Any forward-looking statements
contained in this press release speak only as of the date hereof,
and the Company specifically disclaims any obligation to update any
forward-looking statement, whether because of new information,
future events or otherwise.
Contact: Adam Cutler Chief Financial Officer
adam.cutler@mtem.com 862-204-4006
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