Deal conducted with single investor via agent Roth Capital Partners
By Devika Patel
Knoxville, Tenn., Jan. 24 - Inovio Pharmaceuticals, Inc. said it arranged a registered direct offering of units. The deal will raise $24.3 million.
The company will sell 21,130,400 units of one common share and a half-share warrant at $1.15 per unit to a single investor. The whole warrants are exercisable at $1.40 for five years. The strike price reflects a 7.69% premium to the Jan. 21 closing share price of $1.30.
Roth Capital Partners, LLC is the agent.
Settlement is expected Jan. 27.
Proceeds will be used for development of the company's DNA vaccine against cervical dysplasias and cancers, other preclinical and clinical studies and general corporate purposes.
"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," president and chief executive officer Dr. J. Joseph Kim said in a press release.
Inovio is a San Diego vaccine manufacturer.
| Issuer: | Inovio Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $24,299,960
|
| Units: | 21,130,400
|
| Price: | $1.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.40
|
| Agent: | Roth Capital Partners, LLC
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 27
|
| Stock symbol: | Amex: INO
|
| Stock price: | $1.30 at close Jan. 21
|
| Market capitalization: | $131.3 million
|
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