Iovance Biotherapeutics, Inc. Announces Closing of $603.7 Million Common Stock Public Offering
June 02 2020 - 4:01PM
Iovance Biotherapeutics, Inc. (Nasdaq:IOVA) (“Iovance” or
“Company”), a late-stage biotechnology company developing novel T
cell-based cancer immunotherapies (tumor-infiltrating lymphocyte,
TIL, and peripheral-blood lymphocyte, PBL), today announced the
closing of an underwritten public offering of 19,475,806 shares of
its common stock at a public offering price of $31.00 per
share. The gross proceeds from the offering, before deducting the
underwriting discounts and commissions and other estimated offering
expenses payable by Iovance, are $603.7 million. The shares
of common stock issued and sold in the offering include 2,540,322
shares issued upon the exercise in full by the underwriters of
their option to purchase additional shares at the public offering
price, less the underwriting discounts and commissions.
Iovance intends to use the proceeds from this offering to fund
the expansion of its organization to support the potential
commercial launch of lifileucel for advanced melanoma and LN-145
for advanced cervical cancer, to initiate a program directed at
registration of Iovance’s tumor infiltrating lymphocyte therapies
in non-small cell lung cancer, to continue support of ongoing
commercial manufacturing activities, and for the development of
Iovance’s IL-2 analog, IOV-3001, and for other general corporate
purposes. Additional indications or TIL products may be explored
with the use of proceeds.
Jefferies LLC and Goldman Sachs & Co. LLC acted as joint
lead book-running managers for the offering. Wells Fargo
Securities, LLC also acted as book-running manager for the
offering. Oppenheimer & Co. Inc. acted as lead co-manager for
the offering. Robert W. Baird & Co. Incorporated and H.C.
Wainwright & Co., LLC acted as co-managers for the
offering.
The shares of common stock described above were offered by
Iovance pursuant to its shelf registration statement on Form S-3
that became automatically effective upon filing with
the Securities and Exchange Commission (the “SEC”)
on May 27, 2020. The offering has been made only by means of a
prospectus supplement and accompanying prospectus. A
preliminary prospectus supplement and accompanying prospectus
relating to the offering were filed with the SEC and is available
on the SEC’s website at http://www.sec.gov. A final
prospectus supplement and accompanying prospectus was filed with
the SEC, copies of which may be obtained by
contacting Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 2nd Floor New York,
New York, 10022, by telephone at (877) 547-6340, or by email
at Prospectus_Department@Jefferies.com or Goldman Sachs &
Co. LLC by mail at 200 West Street, New York, NY 10282, Attention:
Prospectus Department, by telephone at (866) 471-2526, or by email
at prospectus-ny@ny.email.gs.com or Wells Fargo Securities, LLC,
Attention: Equity Syndicate Department, 500 West 33rd Street, New
York, New York, 10001, at (800) 326-5897 or email a request to
cmclientsupport@wellsfargo.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 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 Iovance Biotherapeutics, Inc.
Iovance Biotherapeutics, Inc. is a clinical-stage biopharmaceutical
company focused on the development and commercialization of cell
therapies as novel cancer immunotherapy products designed to
harness the power of a patient’s own immune system to eradicate
cancer cells. The Company’s lead product candidates include
lifileucel for metastatic melanoma and LN-145 for metastatic
cervical cancer. In addition to metastatic melanoma and cervical
cancer, the Company is investigating the effectiveness and safety
of tumor infiltrating lymphocyte, or TIL, therapy for the treatment
of non-small cell lung cancer and squamous cell carcinoma of the
head and neck, and peripheral blood lymphocyte, or PBL, therapy for
the treatment of chronic lymphocytic leukemia through our sponsored
trials, as well as in other oncology indications through
collaborations.
Forward Looking Statements Certain matters
discussed in this press release are “forward-looking statements”.
The Company may, in some cases, use terms such as “predicts,”
“believes,” “potential,” “continue,” “estimates,” “anticipates,”
“expects,” “plans,” “intends,” “may,” “could,” “might,” “will,”
“should” or other words that convey uncertainty of future events or
outcomes to identify these forward-looking statements. The
forward-looking statements include, but are not limited to,
statements about the Company's anticipated use of proceeds from the
public offering. Actual results may differ from those set forth in
this press release due to the risks and uncertainties inherent in
the Company’s business, including, without limitation: the
uncertainties inherent in the completion of ongoing clinical trials
and the initiation of future clinical trials. The factors discussed
herein could cause actual results and developments to be materially
different from those expressed in or implied by such
statements. A further list and description of the Company’s
risks, uncertainties and other factors can be found in the
Company’s most recent Annual Report on Form 10-K and the Company's
subsequent filings with the SEC. Copies of these filings are
available online at www.sec.gov. The forward-looking statements are
made only as of the date of this press release and the Company
undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances. All
forward-looking statements are qualified in their entirety by this
cautionary statement, which is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Contacts: Iovance Biotherapeutics,
Inc.: Sara Pellegrino, IRC Vice President, Investor
Relations & Public Relations 650-260-7120 ext. 264
Sara.Pellegrino@iovance.com
Solebury Trout: Annie Chang (investors)
646-378-2972 achang@troutgroup.com
Chad Rubin (investors) 646-378-2947
crubin@troutgroup.com
Rich Allan (media) 646-378-2958 rallan@troutgroup.com
Iovance Biotherapeutics (NASDAQ:IOVA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Iovance Biotherapeutics (NASDAQ:IOVA)
Historical Stock Chart
From Sep 2023 to Sep 2024