iTeos Therapeutics Announces $120 Million Registered Direct Offering
10 Mai 2024 - 2:24PM
iTeos Therapeutics, Inc. (Nasdaq: ITOS) (“iTeos”), a clinical-stage
biopharmaceutical company pioneering the discovery and development
of a new generation of immuno-oncology therapeutics for patients,
today announced that it has entered into a securities purchase
agreement to sell 1,142,857 shares of the Company’s common stock
(the “Common Stock”) at a price of $17.50 per share, representing a
premium of approximately 44% to iTeos’ closing price on May 9, 2024
and pre-funded warrants to purchase up to 5,714,285 shares of the
Common Stock (the “Pre-Funded Warrants”) at a price of $17.499 per
pre-funded warrant, in a registered direct offering. Each
pre-funded warrant will have an exercise price of $0.001 per share,
will be exercisable immediately, and will be exercisable until
exercised in full. The aggregate gross proceeds from the offering
are expected to be approximately $120 million, before deducting
offering expenses payable by iTeos. The financing is expected to
close on or about May 14, 2024, subject to the satisfaction of
customary closing conditions.
The financing is being led by existing
investors, RA Capital Management and Boxer Capital.
iTeos expects to use net proceeds from the
financing to advance its clinical programs and preclinical
pipeline, and for working capital and other general corporate
purposes.
The shares of Common Stock, Pre-Funded Warrants
and the shares of Common Stock issuable upon the exercise of the
Pre-Funded Warrants were offered pursuant to an effective shelf
registration statement that was previously filed with the U.S.
Securities and Exchange Commission (the “SEC”) on May 10, 2023
(File No. 333-271793) and was declared effective on May 19, 2023. A
final prospectus supplement containing 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.
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 jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.About iTeos Therapeutics, Inc.iTeos
Therapeutics is a clinical-stage biopharmaceutical company
pioneering the discovery and development of a new generation of
immuno-oncology therapeutics for patients. iTeos Therapeutics
leverages its deep understanding of tumor immunology and
immunosuppressive pathways to design novel product candidates with
the potential to restore the immune response against cancer. The
Company’s innovative pipeline includes three clinical-stage
programs targeting novel, validated immunosuppressive pathways
designed with optimized pharmacologic properties for improved
clinical outcomes, including the TIGIT/CD226 axis and the adenosine
pathway. iTeos Therapeutics is headquartered in Watertown, MA with
a research center in Gosselies, Belgium.
Internet Posting of InformationiTeos routinely
posts information that may be important to investors in the
'Investors' section of its website
at www.iteostherapeutics.com. The Company encourages investors
and potential investors to consult our website regularly for
important information about iTeos.
Forward-Looking StatementsThis press release
contains forward-looking statements. Any statements that are not
solely statements of historical fact are forward-looking
statements. Words such as “believe,” “anticipate,” “plan,”
“expect,” “will,” “may,” “intend,” “prepare,” “look,” “potential,”
“possible” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements
include statements relating to the timing and the expectation of
the closing of the offering; the use of proceeds thereof; and our
expectation that our cash balance will provide runway through
2027.
These forward-looking statements involve risks
and uncertainties, many of which are beyond iTeos’ control. Actual
results could materially differ from those stated or implied by
these forward-looking statements as a result of such risks and
uncertainties. Known risk factors include the following: interim
and early data may change as more patient data become available and
are subject to audit and verification procedures; market
conditions; the expected benefits and opportunities related to the
agreement between iTeos and GSK may not be realized or may take
longer to realize due to a variety of reasons, including any
inability of the parties to perform their commitments and
obligations under the agreement, challenges and uncertainties
inherent in product research and development and manufacturing
limitations; iTeos may encounter unanticipated costs or may expend
cash more rapidly or more slowly than currently anticipated due to
challenges and uncertainties inherent in product research and
development and biologics manufacturing; success in preclinical
testing and early clinical trials does not ensure that later
clinical trials will be successful, and early results from a
clinical trial do not necessarily predict final results; the data
for our product candidates may not be sufficient for obtaining
regulatory approval to move into later stage trials or to
commercialize products; iTeos may not be able to execute on its
business plans, including meeting its expected or planned
regulatory milestones and timelines, research and clinical
development plans, and bringing its product candidates to market,
for various reasons, some of which may be outside of iTeos’
control, including possible limitations of company financial and
other resources, manufacturing limitations that may not be
anticipated or resolved for in a timely manner, negative
developments in the field of immuno-oncology, such as adverse
events or disappointing results, including in connection with
competitor therapies, and regulatory, court or agency decisions
such as decisions by the United States Patent and Trademark Office
with respect to patents that cover our product candidates; and
those risks identified under the heading “Risk Factors” in iTeos’
Quarterly Report on Form 10-Q for the period ended March 31, 2024
filed with the Securities and Exchange Commission (SEC) as well as
other SEC filings made by the Company which you are encouraged to
review. Statements regarding the Company’s cash runway do not
indicate when or if the Company may access the capital markets.
Any of the foregoing risks could materially and
adversely affect iTeos’ business, results of operations and the
trading price of iTeos’ common stock. We caution investors not to
place undue reliance on the forward-looking statements contained in
this press release. iTeos does not undertake any obligation to
publicly update its forward-looking statements other than as
required by law.
For further information, please contact:
Investor Contact:Carl MauchiTeos Therapeutics,
Inc.carl.mauch@iteostherapeutics.com
Media Contact:media@iteostherapeutics.com
iTeos Therapeutics (NASDAQ:ITOS)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
iTeos Therapeutics (NASDAQ:ITOS)
Historical Stock Chart
Von Mai 2023 bis Mai 2024