ImmunityBio, Inc. (NASDAQ: IBRX), a clinical-stage immunotherapy
company, today announced that it has executed financing to provide
further working capital and support its ongoing business
operations. The Company entered into a securities purchase
agreement for a registered direct offering with multiple
institutional investors, providing for the issuance of common stock
of ImmunityBio as well as warrants for the purchase of additional
shares of common stock of ImmunityBio that is expected to result in
gross proceeds at closing of approximately $40 million before
deducting any offering-related expenses, subject to customary
closing conditions. If fully exercised, the warrants could result
in additional gross proceeds of up to $48 million. In addition, in
connection with the current financing, the Company agreed to amend
the terms of the existing warrants issued in February 2023 so that
the pricing and term of such warrants match the newly issued
warrants.
Jefferies LLC is acting as the exclusive placement agent for the
registered direct offering.
The securities to be sold by the Company are offered under its
shelf registration statement on Form S-3 (Registration No.
333-269608). A final prospectus supplement, which contains
additional information relating to the offering, will be filed with
the SEC and will be available on the SEC’s website at www.sec.gov.
Electronic copies of the prospectus supplement may be obtained for
free by contacting Jefferies, LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, New York, NY 10022, by
telephone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com.
Before investing in this offering, interested parties should
read the prospectus supplement, the accompanying prospectus, and
the other documents that are incorporated by reference in such
prospectus supplement and the accompanying prospectus in their
entirety.
This press release shall not constitute an offer to sell or the
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 ImmunityBio
ImmunityBio is a vertically-integrated, clinical-stage
biotechnology company developing next-generation therapies and
vaccines that bolster the natural immune system to defeat cancers
and infectious diseases. The company’s range of immunotherapy and
cell therapy platforms, alone and together, act to drive and
sustain an immune response with the goal of creating durable and
safe protection against disease. We are applying our science and
platforms to treating cancers, including the development of
potential cancer vaccines, as well as developing immunotherapies
and cell therapies that we believe sharply reduce or eliminate the
need for standard high-dose chemotherapy. These platforms and their
associated product candidates are designed to be more effective,
accessible, and easily administered than current standards of care
in oncology and infectious diseases.
For more information, please visit: www.immunitybio.com
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, such as statements regarding the anticipated closing of the
equity financing described herein and use of proceeds to be
received from such financing, the development of therapeutics for
cancers and infectious diseases, data from the clinical trials for
certain of ImmunityBio’s product candidates, clinical trial
enrollment and results, the regulatory review process and timing
thereof, timing of regulatory submissions, timing of meetings with
regulators, potential implications to be drawn from clinical
trials, potential commercialization of product candidates,
ImmunityBio’s product candidates as compared to existing treatment
options, and intellectual property protection and patent life,
among others. Statements in this press release that are not
statements of historical fact are considered forward-looking
statements, which are usually identified by the use of words such
as “anticipates,” “believes,” “continues,” “goal,” “could,”
“estimates,” “scheduled,” “expects,” “intends,” “may,” “plans,”
“potential,” “predicts,” “indicate,” “projects,” “seeks,” “should,”
“will,” “strategy,” and variations of such words or similar
expressions. Statements of past performance, efforts, or results of
our preclinical and clinical trials, about which inferences or
assumptions may be made, can also be forward-looking statements and
are not indicative of future performance or results.
Forward-looking statements are neither forecasts, promises nor
guarantees, and are based on the current beliefs of ImmunityBio’s
management as well as assumptions made by and information currently
available to ImmunityBio. Such information may be limited or
incomplete, and ImmunityBio’s statements should not be read to
indicate that it has conducted a thorough inquiry into, or review
of, all potentially available relevant information. Such statements
reflect the current views of ImmunityBio with respect to future
events and are subject to known and unknown risks, including
business, regulatory, economic and competitive risks,
uncertainties, contingencies and assumptions about ImmunityBio,
including, without limitation, (i) whether the equity financing
transaction described herein will close on the timeline
anticipated, if at all, (ii) the risks and uncertainties associated
with the regulatory review process, (iii) the ability of
ImmunityBio and its third party contract manufacturing
organizations to adequately address the issues raised in the FDA’s
complete response letter, (iv) the ability of ImmunityBio to
execute a partnering relationship with a large biopharmaceutical
company for commercialization of N-803 plus BCG for intravesical
administration on acceptable terms, if at all, (v) the ability of
ImmunityBio to continue its planned preclinical and clinical
development of its development programs, and the timing and success
of any such continued preclinical and clinical development and
planned regulatory submissions, (vi) ImmunityBio’s ability to
retain and hire key personnel, (vii) ImmunityBio’s ability to
obtain additional financing to fund its operations and complete the
development and commercialization of its various product
candidates, (viii) ImmunityBio’s ability to successfully
commercialize its product candidates and uncertainties around
regulatory reviews and approvals, (ix) ImmunityBio’s ability to
scale its manufacturing and commercial supply operations for its
product candidates and future approved products, and (x)
ImmunityBio’s ability to obtain, maintain, protect and enforce
patent protection and other proprietary rights for its product
candidates and technologies. More details about these and other
risks that may impact ImmunityBio’s business are described under
the heading “Risk Factors” in the Company’s Form 10-K filed with
the U.S. Securities and Exchange Commission (“SEC”) on March 1,
2023 and the Company’s Form 10-Q filed with the SEC on May 11,
2023, and in subsequent filings made by ImmunityBio with the SEC,
which are available on the SEC’s website at www.sec.gov.
ImmunityBio cautions you not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof.
ImmunityBio does not undertake any duty to update any
forward-looking statement or other information in this press
release, except to the extent required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230720250779/en/
Investors Sarah Singleton ImmunityBio, Inc.
844-696-5235, Option 5 Sarah.Singleton@ImmunityBio.com
Media Greg Tenor Salutem +1 717-919-6794
Gregory.Tenor@Salutem.com
ImmunityBio (NASDAQ:IBRX)
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