SOUTH SAN FRANCISCO, Calif.,
June 16, 2020 /PRNewswire/ -- IDEAYA
Biosciences, Inc. (Nasdaq:IDYA) today announced that it intends to
offer and sell up to $60 million of
shares of its common stock in an underwritten public offering. In
addition, IDEAYA intends to grant the underwriters a 30-day option
to purchase up to $9 million of
shares of its common stock. 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.
IDEAYA intends to use the net proceeds of the
offering, along with its existing cash, cash equivalents and
short-term and long-term marketable securities to fund
(i) preclinical and clinical development of IDE397, its MAT2A
inhibitor development candidate, and other product candidates in
its research pipeline targeting poly (ADP-ribose) glycohydrolase,
or PARG, and a DNA Damage Target, or DDT, as well as its share of
costs for targeting WRN under the previously announced
Collaboration, Option and License Agreement with GSK, (ii) ongoing
early clinical development of IDE196, its PKC inhibitor, and
binimetinib, a MEK inhibitor to which Pfizer has exclusive rights
in the U.S. and Canada, as
combination therapy in metastatic uveal melanoma, or MUM and other
solid tumors having GNAQ/11 hotspot mutations, as well as ongoing
clinical trials evaluating IDE196 as monotherapy in such
indications, (iii) biomarker research and development activities
and (iv) working capital and other general corporate purposes.
J.P. Morgan, Citigroup and Jefferies are acting as joint
book-running managers for the offering.
The securities described above are being offered by IDEAYA
pursuant to a shelf registration statement on Form S-3 that was
previously filed with and declared effective by the U.S.
Securities and Exchange Commission (the "SEC"). The offering
will be made only by means of a written prospectus and a prospectus
supplement that form a part of the registration statement. A
preliminary prospectus supplement and accompanying prospectus
relating to and describing the terms of the offering will be filed
with the SEC and will be available on the SEC's website. When
available, copies of the preliminary prospectus supplement and the
accompanying prospectus relating to these securities may also be
obtained by request from: J.P. Morgan, by mail at J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
or by telephone at 866-803-9204, or by email at
prospectus-eq_fi@jpmorganchase.com; Citigroup, by mail at Citigroup
Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
or by telephone at 1-800-831-9146; or Jefferies, by mail at
Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, 2nd Floor, New York,
NY 10022, or by telephone at 877-547-6340 or 877-821-7388,
or by email at Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, 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 the registration or qualification under the securities laws of
any such state or other jurisdiction.
About IDEAYA Biosciences
IDEAYA is an oncology-focused precision medicine company
committed to the discovery and development of targeted therapeutics
for patient populations selected using molecular diagnostics.
IDEAYA's approach integrates capabilities in identifying and
validating translational biomarkers with small molecule drug
discovery to select patient populations most likely to benefit from
the targeted therapies IDEAYA is developing. IDEAYA is
applying these capabilities across multiple classes of precision
medicine, including direct targeting of oncogenic pathways and
synthetic lethality – which represents an emerging class of
precision medicine targets.
Legal Notice Regarding Forward-Looking
Statements
This press release contains forward-looking statements. All
statements other than statements of historical facts contained
herein, including without limitation statements regarding the offer
and sale of shares, the terms of the offering and expected use of
proceeds are forward-looking statements reflecting the current
beliefs and expectations of management made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve substantial risks
and uncertainties that could cause IDEAYA's preclinical and
clinical development programs, future results, performance or
achievements to differ significantly from those expressed or
implied by the forward-looking statements. Such risks and
uncertainties include, among others, the uncertainties inherent in
the drug development process, including IDEAYA's programs' early
stage of development, the process of designing and conducting
preclinical and clinical trials, the regulatory approval processes,
the timing of regulatory filings, the challenges associated with
manufacturing drug products, IDEAYA's ability to successfully
establish, protect and defend its intellectual property, the
effects on IDEAYA's business of the worldwide COVID-19 pandemic,
and other matters that could affect the sufficiency of existing
cash to fund operations. IDEAYA undertakes no obligation to update
or revise any forward-looking statements. For a further description
of the risks and uncertainties that could cause actual results to
differ from those expressed in these forward-looking statements, as
well as risks relating to the business of IDEAYA in general, see
IDEAYA's recent Quarterly Report on Form 10-Q filed on May 12,
2020, the preliminary prospectus supplement related to the proposed
public offering and subsequent filings with the SEC.
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SOURCE IDEAYA Biosciences, Inc.