Inovio Pharmaceuticals Announces $24.3 Million Registered Offering
24 Januar 2011 - 12:00PM
Business Wire
Inovio Pharmaceuticals, Inc. (NYSE Amex: INO), a leader in the
development of therapeutic and preventive vaccines against cancers
and infectious diseases, announced today that it has agreed to sell
to a single institutional investor 21,130,400 shares of its common
stock and warrants to purchase up to 10,565,200 additional shares
of its common stock. The shares of common stock and warrants are
being offered in units consisting of one share of common stock and
0.5 of a warrant to purchase one share of common stock at a price
of $1.15 per unit. The warrants have a term of five years and an
exercise price of $1.40 per share. Inovio may call these warrants
if the closing bid price of the common stock has been at least
$2.80 over 20 trading days and certain other conditions are
met.
The gross proceeds of the offering are expected to be $24.3
million and net proceeds, after deducting the placement agent’s fee
and estimated offering expenses payable by Inovio, are expected to
be approximately $23.0 million. Roth Capital Partners, LLC acted as
the sole placement agent in the offering. Brean Murray, Carret
& Co. and Rodman & Renshaw, LLC served as financial
advisors to the Company in the offering.
Inovio intends to use proceeds from the offering for further
development of its DNA vaccine against cervical dysplasias and
cancers, other preclinical and clinical studies, and general
corporate purposes. The offering is expected to close on or about
January 27, 2011, subject to the satisfaction of customary closing
conditions.
“This financing will fully fund our planned Phase II clinical
study for our DNA vaccine against cervical dysplasias and cancers,
as well as other clinical studies that Inovio intends to directly
fund and launch in 2011. The additional capital will also allow us
to more rapidly advance other promising preclinical DNA vaccine
programs toward the clinic, and we believe we now have sufficient
cash to cover our operations into 2014,” noted Dr. J. Joseph Kim,
President and CEO.
The securities described above are being offered by Inovio
pursuant to a registration statement previously filed and declared
effective by the Securities and Exchange Commission, or the SEC. A
prospectus supplement related to the offering will be filed with
the SEC. Copies of the prospectus supplement and accompanying base
prospectus relating to this offering may be obtained at the SEC’s
website at www.sec.gov or from Roth Capital Partners, LLC by e-mail
to rothecm@roth.com or by mail to 1787 Sentry Parkway West,
Building 18, Suite 400, Blue Bell, Pennsylvania 19422. This
announcement is neither an offer to sell nor a solicitation of an
offer to buy any of our common stock. No offer, solicitation or
sale will be made in any jurisdiction in which such offer,
solicitation or sale is unlawful.
About Inovio Pharmaceuticals, Inc.
Inovio is developing a new generation of vaccines, called DNA
vaccines, to treat and prevent cancers and infectious diseases.
These SynCon™ vaccines are designed to provide broad cross-strain
protection against known as well as newly emergent strains of
pathogens such as influenza. These vaccines, in combination with
Inovio’s proprietary electroporation delivery devices, have been
shown to be safe and generate significant immune responses.
Inovio’s clinical programs include HPV/cervical dysplasia and
cancer (therapeutic), avian flu (preventive), and HIV vaccines
(both preventive and therapeutic). Inovio is developing universal
influenza and other vaccines in collaboration with scientists from
the University of Pennsylvania. Other partners and collaborators
include Merck, National Cancer Institute, U.S. Military HIV
Research Program, NIH, HIV Vaccines Trial Network, National
Microbiology Laboratory of the Public Health Agency of Canada, and
PATH Malaria Vaccine Initiative. More information is available at
www.inovio.com.
This press release contains certain forward-looking statements
relating to our business, including our plans to develop
electroporation-based drug and gene delivery technologies and DNA
vaccines and our capital resources. Actual events or results may
differ from the expectations set forth herein as a result of a
number of factors, including uncertainties inherent in pre-clinical
studies, clinical trials and product development programs
(including, but not limited to, the fact that pre-clinical and
clinical results referenced in this release may not be indicative
of results achievable in other trials or for other indications,
that the studies or trials may not be successful or achieve the
results desired, that results from one study may not necessarily be
reflected or supported by the results of other similar studies and
that results from an animal study may not be indicative of results
achievable in human studies), the availability of funding to
support continuing research and studies in an effort to prove
safety and efficacy of electroporation technology as a delivery
mechanism or develop viable DNA vaccines, the adequacy of our
capital resources, the availability or potential availability of
alternative therapies or treatments for the conditions targeted by
the company or its collaborators, including alternatives that may
be more efficacious or cost-effective than any therapy or treatment
that the company and its collaborators hope to develop, evaluation
of potential opportunities, issues involving product liability,
issues involving patents and whether they or licenses to them will
provide the company with meaningful protection from others using
the covered technologies, whether such proprietary rights are
enforceable or defensible or infringe or allegedly infringe on
rights of others or can withstand claims of invalidity and whether
the company can finance or devote other significant resources that
may be necessary to prosecute, protect or defend them, the level of
corporate expenditures, assessments of the company’s technology by
potential corporate or other partners or collaborators, capital
market conditions, our ability to successfully integrate Inovio and
VGX Pharmaceuticals, the impact of government healthcare proposals
and other factors set forth in our Annual Report on Form 10-K
for the year ended December 31, 2009, our Form 10-Q for the
nine months ended September 30, 2010, and other regulatory filings
from time to time. There can be no assurance that any product in
Inovio’s pipeline will be successfully developed or manufactured,
that final results of clinical studies will be supportive of
regulatory approvals required to market licensed products, or that
any of the forward-looking information provided herein will be
proven accurate.
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