Infinity Announces Pricing of $80 Million Public Offering of Common Stock
February 12 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 pricing of its previously announced underwritten public
offering of 21,000,000 shares of its common stock, at a public
offering price of $3.80 per share. The gross proceeds to the
Company from this offering are expected to be $79.8 million, before
deducting the underwriting discounts and commissions and other
estimated offering expenses payable by the Company. The offering is
expected to close on or about February 17, 2021, subject to
satisfaction of customary closing conditions. The Company has
granted the underwriters a 30-day option to purchase up to an
additional 3,150,000 shares of its common stock at the public
offering price.
Piper Sandler & Co. is acting as sole book-runner for the
offering. Truist Securities, Inc. and JonesTrading Institutional
Services LLC are serving 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 is being made pursuant to a “shelf” registration
statement on Form S-3 (File No. 333-230258) that became effective
with the Securities and Exchange Commission (the “SEC”) on April
29, 2019, the base prospectus contained therein and a prospectus
supplement. A preliminary prospectus supplement and accompanying
base prospectus relating to the offering and the shares of common
stock being offered has been filed with the SEC. The final terms of
the offering will be disclosed in a final prospectus supplement to
be filed with the SEC. Before you invest, you should read the
prospectus in the registration statement, the prospectus
supplement, and other documents the Company has filed with the SEC
for more complete information about the Company and this offering.
Copies of the registration statement, the final prospectus
supplement and accompanying base prospectus may be obtained, when
available, on the SEC’s website at http://www.sec.gov or, when
available, 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. 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 the
satisfaction of customary closing conditions related to the
proposed offering and the impact of general economic, industry or
political conditions in the United States or internationally. There
can be no assurance that Infinity will be able to complete the
proposed offering on the anticipated terms, or at all. Additional
risks and uncertainties relating to the proposed 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 preliminary prospectus supplement filed on
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. 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. 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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