ALX Oncology Announces Proposed Public Offering
October 04 2023 - 4:10PM
ALX Oncology Holdings Inc., (“ALX Oncology” or the “Company”)
(Nasdaq: ALXO), an immuno-oncology company developing therapies
that block the CD47 immune checkpoint pathway, today announced that
it has commenced an underwritten public offering of its common
stock and pre-funded warrants. All shares of common stock and
pre-funded warrants in this offering will be sold by ALX Oncology.
The proposed 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. ALX Oncology intends to use the net proceeds from the
offering to fund ongoing development of evorpacept, including
clinical trials targeting market expansion, and for working capital
and general corporate purposes. In addition, the Company intends to
grant the underwriters a 30-day option to purchase up to an
aggregate of an additional 15% of the shares of its common stock
offered in the public offering, including shares of common stock
underlying the pre-funded warrants.
Piper Sandler and Cantor are acting as the joint book-running
managers for the proposed offering.
The securities described above are being offered by ALX Oncology
pursuant to a shelf registration statement previously filed with
and declared effective by the Securities and Exchange Commission
(the "SEC"). A preliminary prospectus supplement related to the
offering will be filed with the SEC and will be available on the
SEC's website at www.sec.gov. Copies of the preliminary prospectus
supplement and the accompanying prospectus relating to this
offering may be obtained, when available, from: Piper Sandler &
Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, Minnesota 55402, by telephone at (800) 747-3924, or by
email at prospectus@psc.com; or Cantor Fitzgerald & Co.,
Attention: Capital Markets, 110 East 59th Street, 6th Floor, New
York, New York 10022, or by e-mail
at prospectus@cantor.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 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
jurisdiction.
About ALX Oncology
ALX Oncology is a publicly traded, clinical-stage
immuno-oncology company focused on helping patients fight cancer by
developing therapies that block the CD47 immune checkpoint
inhibitor and bridge the innate and adaptive immune system. ALX
Oncology’s lead product candidate, evorpacept, is a next generation
CD47 blocking therapeutic that combines a high-affinity CD47
binding domain with an inactivated, proprietary Fc domain.
Evorpacept has demonstrated promising clinical responses across a
range of hematologic and solid malignancies in combination with a
number of leading anti-cancer antibodies. ALX Oncology is currently
focusing on combining evorpacept with anti-cancer antibodies, ADCs,
and PD-1/PD-L1 immune checkpoint inhibitors.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. Forward-looking
statements include statements regarding future results of
operations and financial position, business strategy, product
candidates, planned preclinical studies and clinical trials,
results of clinical trials, research and development costs,
regulatory approvals, timing and likelihood of success, plans and
objects of management for future operations, as well as statements
regarding industry trends. Such forward-looking statements are
based on ALX Oncology’s beliefs and assumptions and on information
currently available to it on the date of this press release.
Forward-looking statements may involve known and unknown risks,
uncertainties and other factors that may cause ALX Oncology’s
actual results, performance or achievements to be materially
different from those expressed or implied by the forward-looking
statements. These and other risks are described more fully in ALX
Oncology’s filings with the Securities and Exchange Commission
(“SEC”), including ALX Oncology’s Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and other documents ALX Oncology
files with the SEC from time to time. Except to the extent required
by law, ALX Oncology undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made.
This announcement contains forward-looking statements, including
statements relating to ALX Oncology’s expectations regarding the
timing of the proposed public offering, anticipated use of
proceeds, the grant to the underwriters of the option to purchase
additional shares and the completion of the proposed public
offering. These statements are subject to significant risks and
uncertainties and actual results could differ materially from those
projected. ALX Oncology cautions investors not to place undue
reliance on the forward-looking statements contained in this
release. These risks and uncertainties include, without limitation,
risks and uncertainties related to market conditions, the final
terms of the proposed public offering, and the satisfaction of
customary closing conditions related to the public offering. There
can be no assurance that the Company will be able to complete the
public offering on the anticipated terms, or at all. These and
other risks are described more fully in ALX Oncology’s filings with
the Securities and Exchange Commission (“SEC”), including ALX
Oncology’s Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q and other documents ALX Oncology files with the SEC from time
to time. Except to the extent required by law, ALX Oncology
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made.
Investor Contact:
Peter Garcia
Chief Financial Officer, ALX Oncology
(650) 466-7125 Ext. 113
peter@alxoncology.com
Malini Chatterjee, Ph.D.
Blueprint Life Science Group
mchatterjee@bplifescience.com
Media Contact:
Karen Sharma
MacDougall
(781) 235-3060
alx@macbiocom.com
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