Immix Biopharma Announces Share Repurchase Program

Rhea-AI Summary

Immix Biopharma (Nasdaq: IMMX) has authorized a $1 million stock buyback program to enhance shareholder value. The company, with approximately $18 million in cash and equivalents as of December 31, 2021, and 13.9 million shares outstanding, aims to execute purchases based on market conditions and regulatory considerations. CEO Ilya Rachman expressed confidence in reaching critical milestones with their lead asset, IMX-110, while emphasizing alignment with shareholder interests.

Positive

• Authorization of a $1 million share buyback program enhances shareholder value.
• Strong cash position of approximately $18 million as of December 31, 2021.
• Expectation of two upcoming clinical data inflection points with IMX-110.

Negative

• None.

LOS ANGELES, May 09, 2022 (GLOBE NEWSWIRE) -- Immix Biopharma, Inc. (Nasdaq: IMMX) (“ImmixBio”, “Company”, “We” or “Us”), a biopharmaceutical company pioneering Tissue-Specific Therapeutics (TSTx)^TM targeting oncology and immuno-dysregulated diseases, today announced that its board of directors has authorized a share repurchase program to acquire up to $1 million of the Company's common stock. The Company may purchase common stock on the open market, through privately negotiated transactions, or otherwise, in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. As of December 31, 2021, the Company had approximately $18 million of cash, cash equivalents and marketable securities. The Company had approximately 13.9 million shares of common stock outstanding as of April 15, 2022.

"We are confident that with the $24.2 million gross proceeds raised in our recent IPO, ImmixBio is sufficiently capitalized to reach what we believe will be 2 upcoming inflection points: clinical data from IMX-110 monotherapy clinical trial, as well as clinical data from the IMX-110 combined with BeiGene anti-PD-1 tislelizumab clinical trial,” said Ilya Rachman, MD PhD, CEO of ImmixBio. “The current market situation allows us to capture additional value for all shareholders through this measured buyback program. Our interests have always been, and continue to be, aligned with all IMMX shareholders.”

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/06eb4c44-12e6-4557-94c1-d04744ba4cbd

The timing, amount of shares repurchased and prices paid for the stock under this program will depend on market conditions as well as corporate and regulatory limitations, including blackout period restrictions. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company's discretion.

About Immix Biopharma, Inc.

Immix Biopharma, Inc. (ImmixBio^TM) (Nasdaq: IMMX) is a clinical-stage biopharmaceutical company pioneering a novel class of Tissue-Specific Therapeutics (TSTx)^TM targeting oncology and immuno-dysregulated diseases. Our lead asset IMX-110, currently in Phase 1b/2a clinical trials, holds orphan drug designation (ODD) by the FDA for soft tissue sarcoma, and has received Rare Pediatric Disease Designation (RPDD) for the treatment of rhabdomyosarcoma, a life-threatening form of cancer in children. RPDD qualifies ImmixBio to receive fast track review and a priority review voucher (PRV) at the time of marketing approval of IMX-110. Our proprietary SMARxT Tissue-Specific^TM Platform produces drug candidates that circulate in the bloodstream, exit through tumor blood vessels and simultaneously attack all 3 components of the tumor micro-environment (TME). We believe ImmixBio’s TME Normalization^TM technology severs the lifelines between the tumor and its metabolic and structural support. Learn more at www.immixbio.com.

Forward Looking Statements

This press release contains “forward-looking statements” Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations and other factors described more fully in the section entitled ‘Risk Factors’ in Immix Biopharma’s Annual Report on Form 10-K for the year ended December 31, 2021 and other periodic reports filed with the Securities and Exchange Commission. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.

Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Contacts
Immix Biopharma, Inc.
Gabriel Morris
Chief Financial Officer
ir@immixbio.com
+1 (888) 958-1084

FAQ

What is the purpose of Immix Biopharma's stock buyback program?

The stock buyback program aims to enhance shareholder value amid favorable market conditions.

How much stock will Immix Biopharma repurchase?

Immix Biopharma plans to repurchase up to $1 million worth of its common stock.

What is the current cash position of Immix Biopharma?

As of December 31, 2021, Immix Biopharma reported approximately $18 million in cash and equivalents.

What are the upcoming milestones for Immix Biopharma?

The upcoming milestones include clinical data from the IMX-110 monotherapy and the IMX-110 combined with BeiGene's anti-PD-1 tislelizumab trials.

How many shares does Immix Biopharma have outstanding?

Immix Biopharma has approximately 13.9 million shares of common stock outstanding as of April 15, 2022.