Infinity Announces Closing of $92 Million Public Offering of Common Stock
February 18 2021 - 8:30AM
Business Wire
Infinity Pharmaceuticals, Inc. (Nasdaq: INFI)
(“Infinity” or the “Company”), a clinical-stage biotechnology
company developing eganelisib, a potentially first-in-class, oral,
immuno-oncology macrophage reprogramming therapeutic which
addresses a fundamental biologic mechanism of immune suppression in
cancer, today announced the closing of the sale of 24,150,000
shares of its common stock at a public offering price of $3.80 per
share in its previously announced underwritten public offering,
including 3,150,000 shares sold upon the exercise in full of a 15%
over-allotment option by the underwriters. The gross proceeds to
the Company from this offering were approximately $91.8 million,
before deducting underwriting discounts and commissions and other
offering expenses payable by the Company. The offering closed on
February 17, 2021.
Piper Sandler & Co. acted as sole
book-runner for the offering. Truist Securities, Inc. and
JonesTrading Institutional Services LLC acted as co-managers for
the offering.
Infinity intends to use net proceeds from the offering for the
continued clinical development of eganelisib, for general corporate
purposes and for working capital.
The offering was made pursuant to a shelf registration statement
on Form S-3 (File No. 333-230258) that was filed with the
Securities and Exchange Commission (“SEC”) on March 14, 2019 and
declared effective on April 29, 2019 and a related registration
statement on Form S-3 (File No.333-253026) that was filed pursuant
to Rule 462(b) and which became automatically effective on February
11, 2021. The offering was made only by a means of a written
prospectus and a prospectus supplement that form a part of the
registration statement. A final prospectus supplement relating to
the offering and the accompanying base prospectus and the
registration statements have been filed with the SEC and are
available for free on the SEC’s website located at
http://www.sec.gov. Copies of the registration statements, the
final prospectus supplement and accompanying base prospectus may
also be obtained by contacting: Piper Sandler & Co., Attention:
Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN
55402, by telephone at (800) 747-3924, or by email at
prospectus@psc.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 offer, solicitation, or sale of these securities in any
state or other jurisdiction in which such an offer, solicitation or
sale would be unlawful.
About Infinity and Eganelisib
Infinity is a clinical-stage biotechnology company developing
eganelisib, a potentially first-in-class, oral, immuno-oncology
macrophage reprogramming therapeutic which addresses a fundamental
biologic mechanism of immune suppression in cancer, in multiple
clinical studies. MARIO-275 is a global, randomized,
placebo-controlled study of eganelisib combined with Opdivo® in I/O
naïve urothelial cancer. MARIO-3 is the first eganelisib
combination study in front-line advanced cancer patients and is
evaluating eganelisib in combination with Tecentriq® and Abraxane®
in front-line TNBC and in combination with Tecentriq and Avastin®
in front-line RCC. In collaboration with Arcus Biosciences,
Infinity is evaluating a checkpoint inhibitor-free, novel
combination regimen of eganelisib plus etrumadenant (dual adenosine
receptor antagonist) plus Doxil® in advanced TNBC patients. With
these studies Infinity is evaluating eganelisib in the anti-PD-1
refractory, I/O-naïve, and front-line and second line settings. For
more information on Infinity, please refer to Infinity's website at
www.infi.com.
Opdivo® is a registered trademark of Bristol Myers Squibb.
Tecentriq® is a registered trademark of Genentech, Inc. Abraxane®
is a registered trademark of Abraxis BioScience, LLC., a wholly
owned subsidiary of Bristol Myers Squibb Company. Avastin® is a
registered trademark of Genentech, Inc. Doxil® is a registered
trademark of Baxter Healthcare Corporation.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Any statements that are not historical fact (including, but
not limited to statements that contain words such as “will,”
“believes,” “plans,” “anticipates,” “expects,” “estimates,” “may,”
and similar expressions) are forward-looking statements. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in these forward-looking
statements as a result of various important factors, including,
without limitation, risks and uncertainties related to market and
other conditions and the impact of general economic, industry or
political conditions in the United States or internationally. In
addition, the extent to which the COVID-19 outbreak continues to
impact Infinity’s workforce and its clinical trial operations
activities, and the operations of the third parties on which
Infinity relies, will depend on future developments, which are
highly uncertain and cannot be predicted with confidence, including
the duration and severity of the outbreak, additional or modified
government actions, and the actions that may be required to contain
the virus or treat its impact. Additional risks and uncertainties
relating to the offering, Infinity and its business can be found
under the caption “Risk Factors” in Infinity’s Annual Report on
Form 10-K for the year ended December 31, 2019, Quarterly Report on
Form 10-Q for the quarter ended September 30, 2020, and prospectus
supplement dated February 11, 2021, each of which is on file with
the SEC; and risks described in other filings that Infinity makes
with the SEC in the future Any forward-looking statements contained
in this press release speak only as of the date hereof, and
Infinity does not undertake and expressly disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise.
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Ashley Robinson LifeSci Advisors, LLC 617-430-7577
Infinity Pharmaceuticals (NASDAQ:INFI)
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