SAN
FRANCISCO, March 4, 2024 /PRNewswire/ -- Nektar
Therapeutics (Nasdaq: NKTR), a biotechnology company developing
medicines for the treatment of auto-immune disorders, today
announced that it has entered into a securities purchase agreement
with TCGX, an institutional accredited investor, to sell securities
in a private placement financing (the "PIPE") for gross proceeds of
$30 million, before deducting
expenses.
In the PIPE, Nektar is selling 25 million shares of its common
stock, in the form of a pre-funded warrant, at a price of
$1.20 per share, representing a
premium of approximately 80% to Nektar's 30-day volume-weighted
average price. The pre-funded warrant will have an exercise price
of $0.0001 per share and will not
expire.
The PIPE is expected to close on or before March 6, 2024, subject to customary closing
conditions. Nektar has agreed to submit a registration statement
filing for the underlying Common Stock no later than 90 days after
the closing.
"We are pleased to bring on TCGX as a new high-quality,
long-term investor in Nektar as we advance rezpegaldesleukin
through our Phase 2b studies in
atopic dermatitis and alopecia areata," said Howard Robin, President and Chief Executive
Officer of Nektar Therapeutics. "We are on track to report topline
data from these studies in the first half of 2025, which will
represent significant inflection points for Nektar. Today's
financing further bolsters our financial position and extends the
company's cash runway well into the third quarter of 2026."
Rezpegaldesleukin is a novel agonistic T regulatory cell
biologic that is designed to both dampen the inflammatory response
and simultaneously restore immune balance by directly expanding
functional T reg cells and engaging multiple immunoregulatory
pathways.
The private placement is exempt from the registration
requirements of the Securities Act pursuant to the exemption for
transactions by an issuer not involving any public offering under
Section 4(a)(2) of the Securities Act of 1933, as amended and Rule
506 of Regulation D of the Securities Act of 1933, as amended and
in reliance on similar exemptions under applicable state laws.
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 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 Nektar Therapeutics
Nektar Therapeutics is a
biotechnology company with a wholly owned R&D pipeline of
investigational medicines in immunology and oncology as well as a
portfolio of approved partnered medicines. Nektar is headquartered
in San Francisco, California, with
additional manufacturing operations in Huntsville, Alabama. Further information about
the company and its drug development pipeline may be found online
at http://www.nektar.com.
Cautionary Note Regarding Forward-Looking
Statements
This release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, statements related to the
expected completion of the private placement, expectations for
reporting topline data for rezpegaldesleukin in the first half of
2025, and therapeutic potential of, and future development plans
for, rezpegaldesleukin. These and other risks are discussed in
Nektar's filings with the SEC, including, without limitation, its
most recent Annual Report on Form 10-K, and its periodic reports on
Form 10-Q and Form 8-K. Nektar intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in Section 21E of the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. In some cases, you can identify
forward-looking statements by terms such as, but not limited to,
"may," "might," "advance," "will," "objective," "intend," "should,"
"could," "can," "would," "expect," "believe," "anticipate,"
"project," "target," "design," "estimate," "predict," "potential,"
"plan," "on track," or similar expressions or the negative of those
terms. Such forward-looking statements are based upon current
expectations that involve risks, changes in circumstances,
assumptions, and uncertainties. Any forward-looking statements
contained in this release represent Nektar's views only as of the
date hereof and should not be relied upon as representing its views
as of any subsequent date. Except as required by law, Nektar
explicitly disclaims any obligation to update any forward-looking
statements.
Contact:
For Investors:
Vivian Wu of Nektar Therapeutics
(628) 895-0661
For Media:
David Rosen
of Argot Partners
(212) 600-1902
david.rosen@argotpartners.com
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SOURCE Nektar Therapeutics