Proceeds fund general corporate purposes, including clinical trials
By Devika Patel
Knoxville, Tenn., March 7 - Inovio Pharmaceuticals, Inc. said it negotiated a $15.06 million public offering of units.
The company will sell 27,377,266 units of one common share and a half-share warrant at $0.55 per unit. The whole warrants are exercisable at $0.7936 for five years. The strike price reflects a 15.01% premium to the March 6 closing share price of $0.69.
Cowen and Co., LLC is the bookrunner.
Proceeds will be used for general corporate purposes, including clinical trial expenses, research and development expenses, general and administrative expenses, manufacturing expenses and potential acquisitions.
Inovio is a San Diego vaccine manufacturer.
| Issuer: | Inovio Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $15,057,496
|
| Units: | 27,377,266
|
| Price: | $0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.7936
|
| Bookrunner: | Cowen and Co., LLC
|
| Co-lead manager: | Brean Capital, LLC
|
| Co-manager: | Maxim Group LLC
|
| Pricing date: | March 7
|
| Stock symbol: | NYSE: INO
|
| Stock price: | $0.69 at close March 6
|
| Market capitalization: | $72.78 million
|
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