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Epizyme, Inc. (Nasdaq: EPZM) announced its intention to conduct an underwritten public offering of common stock, with an option for underwriters to purchase an additional 15%. The proceeds will fund global development and commercialization of tazemetostat and its ongoing clinical trials for various cancers. The offering is subject to market conditions, and Jefferies is leading the offering process. The shares will be sold under a previously filed shelf registration statement with the SEC. This offering or its completion is uncertain, depending on market conditions.
Positive
Funds from the offering will support global development of tazemetostat.
Proceeds will also facilitate ongoing clinical trials in hematological malignancies and solid tumors.
Intended use of funds includes expanding the company's pipeline and accelerating commercial adoption of TAZVERIK.
Negative
The offering may cause dilution of existing shares.
There is uncertainty regarding market conditions affecting the completion of the offering.
CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Epizyme, Inc. (Nasdaq: EPZM), a fully integrated, commercial-stage biopharmaceutical company developing and delivering novel epigenetic therapies, today announced that it intends to offer and sell shares of its common stock in an underwritten public offering. Epizyme also intends to grant the underwriters a 30-day option to purchase up to an additional fifteen percent (15%) of the shares of common stock offered in the offering. All of the shares in the proposed offering are to be sold by Epizyme.
Epizyme anticipates using the net proceeds from the offering, together with its existing cash, cash equivalents and marketable securities, to fund global development and commercialization costs of tazemetostat outside of Japan, including the costs of conducting the Company’s ongoing and planned clinical trials of tazemetostat, including the Company’s confirmatory Phase 1b/3 trials in epithelioid sarcoma and follicular lymphoma (FL), the Company’s clinical trials of tazemetostat in additional FL populations and the Company’s clinical trials of tazemetostat across multiple types of hematological malignancies and solid tumors; to fund the Company’s Phase 1/1b trial of its SETD2 inhibitor, EZM0414 and the discovery and identification of additional product candidates to expand the Company’s pipeline of novel epigenetic therapies; to fund initiatives to accelerate commercial adoption of TAZVERIK®; and for working capital and other general corporate purposes, which may include the acquisition of companies or businesses or licensing of other products, businesses or technologies, and repayment and refinancing of debt.
Jefferies is acting as lead bookrunner for the proposed offering. The offering is subject to market 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.
The shares are being offered by Epizyme pursuant to a shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (“SEC”) on May 6, 2021 and declared effective by the SEC on May 13, 2021. The offering will be made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. The preliminary prospectus supplement relating to and describing the terms of the offering is expected to be filed with the SEC and, if and when filed, copies of the preliminary prospectus supplement relating to the offering may be obtained for free by visiting the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained by contacting: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.
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, the securities being offered 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 Epizyme, Inc. Epizyme, Inc. is a fully integrated, commercial-stage biopharmaceutical company committed to its mission of rewriting treatment for cancer through novel epigenetic medicines. The Company is focused on creating medicines that are targeted at specific causes of diseases, that are orally administered, tolerable, easy to take and based on a deep understanding of the patients that may benefit from them. The Company aspires to change the standard-of-care for patients and physicians by developing medicines with fundamentally new mechanisms of action.
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Epizyme, Inc., including statements about the Company’s anticipated public offering, anticipated use of proceeds, future operations, commercial sales of TAZVERIK, clinical development of the Company’s therapeutic candidates, expectations regarding future clinical trials and future expectations and plans and prospects for the Company and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all; uncertainties associated with the commercialization of pharmaceutical products; uncertainties inherent in the initiation of future clinical studies and in the availability and timing of data from ongoing clinical studies; whether results from preclinical studies or earlier clinical studies of the Company’s product candidates will be predictive of the results of future trials; whether the Company will receive regulatory approvals, including accelerated approval, to conduct trials or to market products; whether the Company's cash resources will be sufficient to fund the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements; and other factors discussed in the “Risk Factors” section of the preliminary prospectus supplement filed with the SEC, the Company’s most recent Form 10-K and Form 10-Q filed with the SEC and the risks described in other filings that the Company may make with the SEC. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof and should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.
Epizyme intends to use the net proceeds from the offering to fund global development and commercialization costs of tazemetostat and other clinical trials.
How much additional common stock can underwriters purchase?
Underwriters have a 30-day option to purchase up to an additional 15% of the shares offered.
Who is leading the underwritten public offering for Epizyme?
Jefferies is acting as the lead bookrunner for the proposed offering.
When was the shelf registration statement filed with the SEC?
The shelf registration statement was filed on May 6, 2021, and declared effective on May 13, 2021.
What are the risks associated with the offering by Epizyme?
There are uncertainties related to market conditions, which may affect the completion and terms of the public offering.
