Molecular Templates, Inc. Announces Pricing of $75.9 Million Public Equity Offering
February 18 2021 - 7:30AM
Molecular Templates, Inc. (Nasdaq: MTEM) (the “Company” or
“Molecular”), a clinical-stage biopharmaceutical company focused on
the discovery and development of the Company’s proprietary
engineered toxin bodies (ETBs), which are differentiated, targeted,
biologic therapeutics for cancer, today announced the pricing of
its underwritten public offering of 6,000,000 shares of its common
stock at a public offering price of $12.65 per share. All of the
shares of common stock to be sold in the offering are being sold by
Molecular. In addition, Molecular has granted to the underwriters a
30-day option to purchase up to 900,000 additional shares of common
stock. The offering is expected to close on or about February 22,
2021, subject to the satisfaction of customary closing conditions.
The gross proceeds to Molecular from the offering, before deducting
the underwriting discounts and commissions and estimated offering
expenses payable by Molecular, are expected to be $75.9 million.
Molecular intends to use the net proceeds from
the offering, together with its existing cash and cash equivalents,
to fund: its Phase II clinical studies for MT-3724 and/or
development of other CD20-targeted molecules; its ongoing Phase I
clinical study of MT-5111; its share of development expenses in its
CD38 collaboration with Takeda; its PD-L1 program (including its
anticipated upcoming Phase I clinical study for MT-6402); further
preclinical development and drug discovery activities in its other
programs; and for working capital and general corporate
purposes.
BofA Securities, Cowen, Evercore ISI and Barclays are acting as
joint book-running managers for the offering.
The securities are being offered by Molecular
pursuant to a shelf registration statement on Form S-3 that was
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) and declared effective by the SEC. A preliminary
prospectus supplement relating to the offering was filed with the
SEC and a final prospectus supplement relating to the offering will
be filed with the SEC. When available, copies of the final
prospectus supplement and the accompanying prospectus relating to
these securities may be obtained from BofA Securities, Inc., c/o
BofA Securities, NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte, NC 28255-0001, Attention: Prospectus Department,
or via e-mail at dg.prospectus_requests@bofa.com; Cowen and
Company, LLC, c/o Broadridge Financial Services, 1155 Long Island
Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or
via telephone at (833) 297-2926; Evercore Group L.L.C.,
Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor,
New York, NY 10055, via telephone at (888) 474-0200, or via e-mail
at ecm.prospectus@evercore.com; or Barclays Capital Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, via telephone at (888) 603-5847, or via e-mail at
Barclaysprospectus@broadridge.comdg.prospectus_requests@bofa.com.
You may also obtain these documents free of charge by visiting the
SEC’s website at www.sec.gov.
This press release does 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 registration or qualification under the
securities laws of any such state or other jurisdiction.
About Molecular Templates
Molecular Templates is a clinical-stage company focused on the
discovery and development of targeted biologic therapeutics. Our
proprietary drug platform technology, known as engineered toxin
bodies, or ETBs, leverages the resident biology of a genetically
engineered form of Shiga-like Toxin A subunit to create novel
therapies with potent and differentiated mechanisms of action for
cancer and other serious diseases.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995, as amended (the “Act”). Any
forward-looking statements contained in this press release speak
only as of the date hereof, and Molecular specifically disclaims
any obligation to update any forward-looking statement, whether
because of new information, future events or otherwise, and claims
the protection of the Act’s Safe Harbor for forward-looking
statements. All statements, other than statements of historical
facts, included in this press release regarding strategy, future
operations, future financial position, future revenue, projected
expenses, prospects, plans and objectives of management are
forward-looking statements. In addition, when or if used in this
press release, the words “may,” “could,” “should,” “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and
similar expressions and their variants, as they relate
to Molecular may identify forward-looking statements, although
not all forward-looking statements contain these identifying words.
Examples of such statements include, but are not limited to,
statements relating to Molecular’s expectations with respect to its
proposed offering, its intention to grant the underwriters an
option to purchase additional shares and its intended use of
proceeds from the proposed offering.
Contact:Adam CutlerChief Financial
Officeradam.cutler@mtem.com862-204-4006
Molecular Templates (NASDAQ:MTEM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Molecular Templates (NASDAQ:MTEM)
Historical Stock Chart
From Apr 2023 to Apr 2024