ImmunityBio, Inc. (NASDAQ: IBRX) has recently secured a significant equity financing deal with a single institutional investor, which is expected to provide the company with approximately $75 million in gross proceeds. This financing is aimed at supporting the company's ongoing business operations and providing further working capital.
The financing involves a securities purchase agreement for a registered direct offering, with the potential for additional gross proceeds of up to approximately $90 million if fully exercised. The issuance includes common stock of ImmunityBio as well as warrants for the purchase of additional shares of common stock.
It's worth noting that the company's securities being sold are offered under its automatic shelf registration statement on Form S-3 (registration no. 333-278770). A final prospectus supplement with additional information related to the offering will be filed with the Securities and Exchange Commission (SEC) and made available on the SEC's website.
ImmunityBio is focused on developing next-generation therapies and vaccines that strengthen the natural immune system to combat cancers and infectious diseases. Notably, the company's ANKTIVA has been designated an FDA breakthrough therapy and is the first FDA-approved immunotherapy for non-muscle invasive bladder cancer CIS. It activates natural killer cells, T cells, and memory T cells for a long-duration response.
The company's efforts extend to treating cancers, developing potential cancer vaccines, and creating immunotherapies and cell therapies aimed at reducing or eliminating the need for standard high-dose chemotherapy. ImmunityBio's platforms and associated product candidates are designed to be more effective, accessible, and easily administered than current standards of care in oncology and infectious diseases. The market has reacted to these announcements by moving the company's shares -8.3% to a price of $2.5. Check out the company's full 8-K submission here.
