PDS Biotechnology Corporation (Nasdaq: PDSB) ("PDS Biotechnology"
or the "Company"), a clinical-stage immunotherapy company
developing a pipeline of novel cancer therapies based on the
Company’s proprietary Versamune® T-cell activating technology,
today announced the closing of its previously announced
underwritten public offering of 6,088,235 shares of common stock
(inclusive of the 794,117 shares that were sold pursuant to the
underwriter’s full exercise of its option to purchase additional
shares of common stock) at a public offering price of $8.50 per
share. Certain insiders, including certain members of the Company’s
board of directors and executive officers, purchased shares of PDS
Biotech common stock in the offering.
The gross proceeds to PDS Biotech from this
offering, before deducting underwriting discounts, commissions and
other offering expenses were approximately $51.7 million.
Cantor Fitzgerald & Co. acted as the sole
book-running manager for the offering.
The shares of common stock described above were
offered by the Company pursuant to a registration statement on Form
S-3 (File No. 333-240011) previously filed with the U.S. Securities
and Exchange Commission (“SEC”) on July 22, 2020 and declared
effective on July 31, 2020, and the accompanying prospectus
contained therein. The offering of the shares of common stock was
made by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A final
prospectus supplement related to the offering has been filed with
the SEC and is available on the SEC’s website, located at
http://www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectus relating to the offering may also be
obtained by contacting Cantor Fitzgerald & Co., 499 Park
Avenue, 4th Floor, New York, NY 10022, Attn: Capital Markets
Department, or by email at prospectus@cantor.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy 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 PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy
company developing a growing pipeline of novel cancer therapies
based on the Company’s proprietary Versamune® T-cell activating
technology platform. Our Versamune®-based products overcome the
limitations of current immunotherapy by inducing in vivo, large
quantities of high-quality, highly potent polyfunctional tumor
specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has
developed multiple therapies, based on combinations of Versamune®
and disease-specific antigens, designed to train the immune system
to better recognize diseased cells and effectively attack and
destroy them. Our immuno-oncology product candidates are initially
being studied in combination therapy to potentially enhance
efficacy without compounding toxicity across a range of cancer
types. The company’s lead investigational cancer immunotherapy
product PDS0101 is currently in Phase 2 clinical studies in
HPV-associated cancers. The company’s pipeline products address
various cancers including breast, colon, lung, prostate and ovarian
cancers. To learn more, please visit www.pdsbiotech.com or follow
us on Twitter at @PDSBiotech.
About PDS0101
PDS Biotech’s lead candidate, PDS0101, combines
the utility of the Versamune® platform with targeted antigens in
HPV-expressing cancers. In partnership with Merck & Co.,
PDS Biotech is evaluating a combination of PDS0101 and KEYTRUDA® in
a Phase 2 study in first-line treatment of recurrent or metastatic
head and neck cancer. PDS Biotech is also conducting two additional
Phase 2 studies in advanced HPV-associated cancers and advanced
localized cervical cancer with the National Cancer Institute (NCI)
and The University of Texas MD Anderson Cancer Center,
respectively.
About PDS0102
PDS0102 combines the utility of the Versamune®
platform with the proprietary T-cell receptor gamma alternate
reading frame protein (TARP), a tumor antigen identified by the
National Cancer Institute (NCI) which is strongly associated with
prostate cancer, breast cancer and AML. The product is in
late-stage clinical development and anticipated to enter human
clinical trials in 2022.
About PDS0103
PDS0103 combines the utility of the Versamune®
platform with novel and proprietary highly immunogenic agonist
epitopes of mucin-1 (MUC1) oncogenic C-terminal region. MUC1 is
highly expressed in multiple tumor types and has been shown to be
associated with drug resistance and poor disease prognosis. The
product is in late-stage clinical development as part of a
collaborative research and development agreement with the National
Cancer Institute and anticipated to enter human clinical trials in
2022.
Forward Looking Statements
This communication contains forward-looking
statements (including within the meaning of Section 21E of the
United States Securities Exchange Act of 1934, as amended, and
Section 27A of the United States Securities Act of 1933, as
amended) concerning PDS Biotechnology Corporation (the “Company”)
and other matters. These statements may discuss goals, intentions
and expectations as to future plans, trends, events, results of
operations or financial condition, or otherwise, based on current
beliefs of the Company’s management, as well as assumptions made
by, and information currently available to, management.
Forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as “may,” “will,” “should,”
“would,” “expect,” “anticipate,” “plan,” “likely,” “believe,”
“estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook”
and other similar expressions among others. Forward-looking
statements are based on current beliefs and assumptions that are
subject to risks and uncertainties and are not guarantees of future
performance. Actual results could differ materially from those
contained in any forward-looking statement as a result of various
factors, including, without limitation: the Company’s ability to
protect its intellectual property rights; the Company’s anticipated
capital requirements, including the Company’s anticipated cash
runway and the Company’s current expectations regarding its plans
for future equity financings; the Company’s dependence on
additional financing to fund its operations and complete the
development and commercialization of its product candidates, and
the risks that raising such additional capital may restrict the
Company’s operations or require the Company to relinquish rights to
the Company’s technologies or product candidates; the Company’s
limited operating history in the Company’s current line of
business, which makes it difficult to evaluate the Company’s
prospects, the Company’s business plan or the likelihood of the
Company’s successful implementation of such business plan; the
timing for the Company or its partners to initiate the planned
clinical trials for PDS0101, PDS0203 and other Versamune® based
products; the future success of such trials; the successful
implementation of the Company’s research and development programs
and collaborations, including any collaboration studies concerning
PDS0101, PDS0203 and other Versamune® based products and the
Company’s interpretation of the results and findings of such
programs and collaborations and whether such results are sufficient
to support the future success of the Company’s product candidates;
the success, timing and cost of the Company’s ongoing clinical
trials and anticipated clinical trials for the Company’s current
product candidates, including statements regarding the timing of
initiation, pace of enrollment and completion of the trials
(including our ability to fully fund our disclosed clinical trials,
which assumes no material changes to our currently projected
expenses), futility analyses, presentations at conferences and data
reported in an abstract, and receipt of interim results, which are
not necessarily indicative of the final results of the Company’s
ongoing clinical trials; any Company statements about its
understanding of product candidates mechanisms of action and
interpretation of preclinical and early clinical results from its
clinical development programs and any collaboration studies; the
acceptance by the market of the Company’s product candidates, if
approved; the timing of and the Company’s ability to obtain and
maintain U.S. Food and Drug Administration or other regulatory
authority approval of, or other action with respect to, the
Company’s product candidates; and other factors, including
legislative, regulatory, political and economic developments not
within the Company’s control, including unforeseen circumstances or
other disruptions to normal business operations arising from or
related to COVID-19. The foregoing review of important factors that
could cause actual events to differ from expectations should not be
construed as exhaustive and should be read in conjunction with
statements that are included herein and elsewhere, including the
risk factors included in the Company’s annual and periodic reports
filed with the SEC. The forward-looking statements are made only as
of the date of this press release and, except as required by
applicable law, the Company undertakes no obligation to revise or
update any forward-looking statement, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.
Media & Investor Relations
Contact:
Deanne RandolphPDS BiotechPhone: +1 (908)
517-3613Email: drandolph@pdsbiotech.com
Rich CockrellCG CapitalPhone: +1 (404) 736-3838
Email: rich@cg.capital
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