Altimmune Announces Proposed Public Offering of Common Stock and Pre-Funded Warrants

Rhea-AI Summary

Altimmune, Inc. (Nasdaq: ALT) announced a planned underwritten public offering of common stock, which may include pre-funded warrants for certain investors. The underwriters will have an option to purchase an additional 15% of shares. Proceeds will be used for general corporate purposes, including scaling up manufacturing for its COVID vaccine candidate AdCOVID and advancing clinical trials for ALT-801, targeting non-alcoholic steatohepatitis. The offering is subject to market conditions and is being managed by Jefferies, Evercore ISI, and Piper Sandler.

Positive

• Proceeds aimed at scaling up manufacturing for AdCOVID vaccine.
• Funds intended for clinical trials of ALT-801, targeting NASH.

Negative

• Dilution risk from the public offering of common stock.

GAITHERSBURG, Md., July 13, 2020 (GLOBE NEWSWIRE) -- Altimmune, Inc. (Nasdaq: ALT), a clinical-stage biopharmaceutical company, today announced that it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering and, to certain investors in lieu thereof, pre-funded warrants to purchase shares of its common stock.  Altimmune also expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of common stock plus the shares of common stock underlying the pre-funded warrants sold in connection with the public offering.  All of the securities in the offering will be sold by Altimmune. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Altimmune anticipates using the net proceeds from the offering for general corporate purposes, which may include, but are not limited to, scale up of manufacturing and advanced clinical trials of AdCOVID, a single dose intranasal COVID vaccine candidate; the continued development of ALT-801, its dual GLP-1/glucagon receptor agonist for the treatment of non-alcoholic steatohepatitis (NASH), including manufacturing and clinical trials; and for capital expenditures and working capital.

Jefferies, Evercore ISI and Piper Sandler are acting as joint book-running managers for the offering. Roth Capital Partners is acting as co-manager for the offering.

The securities described above are being offered by Altimmune pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed with and became effective by rule of the Securities and Exchange Commission (SEC) on April 12, 2019. A preliminary prospectus supplement and accompanying prospectus related to the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained by contacting: Jefferies LLC, Attention: Equity Syndicate Prospectus Departments, 520 Madison Avenue, 2nd Floor, New York, NY 10022; by phone at (877) 821-7388; or by email at Prospectus_Department@Jefferies.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, New York, NY 10055, by telephone at (888) 474-0200 or by email at ecm.prospectus@evercore.com; or Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN, 55402, Attention: Prospectus Department, by telephone at (800) 747-3924 or by email at prospectus@psc.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Altimmune

Altimmune is a clinical stage biopharmaceutical company focused on developing treatments for liver disease, immune modulating therapies and intranasal vaccines. Our diverse pipeline of product candidates includes next generation peptide therapeutics for NASH (ALT-801) and chronic hepatitis B (HepTcell™), an intranasal immune modulating treatment for COVID-19 (T-COVID™) and intranasal vaccines (AdCOVID™, NasoShield™ and NasoVAX™).

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding Altimmune’s intention, timing and use of proceeds relating to the proposed public offering. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “proposed” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release, such as the intended offering terms, are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Altimmune’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on March 27, 2020, Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, as filed with the SEC on May 13, 2020, the preliminary prospectus supplement related to the public offering to be filed with the SEC on or about the date hereof and other filings that Altimmune’s may make with the SEC in the future. Any forward-looking statements contained in this press release represent Altimmune’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Altimmune explicitly disclaims any obligation to update any forward-looking statements.

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Contacts
Will Brown		Ashley R. Robinson
Chief Financial Officer		Managing Director LifeSci Advisors
Phone: 240-654-1450		Phone: 617-430-7577
Email: wbrown@altimmune.com		Email: arr@lifesciadvisors.com

 

FAQ

What is Altimmune's planned stock offering?

Altimmune plans to offer common stock in an underwritten public offering, including pre-funded warrants for some investors, with a 15% underwriter purchase option.

What will the proceeds from Altimmune's offering be used for?

The proceeds will be used for general corporate purposes, including manufacturing for AdCOVID and clinical trials for ALT-801.

When was Altimmune's press release issued?

The press release was issued on July 13, 2020.

Who is managing the Altimmune stock offering?

Jefferies, Evercore ISI, and Piper Sandler are acting as joint book-running managers for the offering.

What is the ticker symbol for Altimmune?

The ticker symbol for Altimmune is ALT.