Brooklyn ImmunoTherapeutics Announces Filing of Registration Statement for Proposed Secondary Offering of Shares Issued in Previously Announced Novellus Acquisition
Brooklyn ImmunoTherapeutics, Inc. (Nasdaq: BTX) announced on November 19, 2021, that it filed a registration statement with the SEC for a proposed public offering of 6,281,454 shares of its common stock, to be sold by certain stockholders. The shares were received in connection with the acquisition of Novellus, Inc. in July 2021. Importantly, Brooklyn will not receive any proceeds from this sale. The registration has not yet become effective, and the offering will only occur post-registration.
- Brooklyn's acquisition of Novellus, Inc. indicates strategic growth.
- IRX-2, Brooklyn's advanced therapy, shows promising results in Phase 2A trials for head and neck cancer.
- The offering of shares could lead to dilution for existing shareholders as sales are made by selling stockholders.
- No proceeds will go to Brooklyn from the sale, potentially limiting financial benefits.
NEW YORK, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Brooklyn ImmunoTherapeutics, Inc. (Nasdaq: BTX) (“Brooklyn”) today announced that on November 18, 2021 it filed with the Securities and Exchange Commission a registration statement on Form S-1 relating to the proposed public offering by certain selling stockholders of up to 6,281,454 shares of Brooklyn’s common stock received in connection with Brooklyn’s acquisition of Novellus, Inc. in July 2021. Brooklyn will not receive any proceeds from any shares sold by the selling stockholders.
A registration statement relating to the proposed sale of these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The proposed offering will be made only by means of a prospectus.
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 state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Brooklyn ImmunoTherapeutics
Brooklyn is focused on exploring the role that cytokine, gene editing, and cell therapy can have in treating patients with cancer, blood disorders, and monogenic diseases.
Brooklyn’s most advanced program is IRX-2, a human cell-derived cytokine therapy, studying the safety and efficacy of IRX-2 in patients with head and neck cancer in Phase 2B. In a Phase 2A clinical trial in head and neck cancer, IRX-2 demonstrated an overall survival benefit. Additional studies are either underway or planned in other solid tumor cancer indications.
Brooklyn has multiple next-generation cell and gene-editing therapies in preclinical development for various indications including acute respiratory distress syndrome, solid tumor indications, as well as in vivo gene-editing therapies for rare genetic diseases. For more information about Brooklyn and its clinical programs, please visit www.BrooklynITx.com.
Investor Relations Contact:
CORE IR
516-222-2560
investors@brooklynitx.com
Media Contact:
Jules Abraham
CORE IR
917-885-7378
julesa@coreir.com
FAQ
What is the purpose of Brooklyn ImmunoTherapeutics' recent SEC filing regarding BTX?
When was the registration statement filed by BTX?
Will Brooklyn ImmunoTherapeutics receive any proceeds from this offering?
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What is the clinical status of Brooklyn's most advanced program, IRX-2?
