Immunome Announces Closing of Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Immunome, Inc. (IMNM) successfully closed a public offering, raising $230.0 million by selling 10,000,000 shares of common stock at $20.00 per share. The underwriters also exercised their option to purchase an additional 1,500,000 shares. The offering was managed by J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities. Immunome plans to utilize the proceeds for developing targeted cancer therapies.

Insights

Financial Analyst

The completion of Immunome's public offering with an additional option exercised by the underwriters signifies a robust market interest, likely reflecting investor confidence in the company's potential to develop innovative cancer therapies. The infusion of $230 million in gross proceeds represents a significant capital increase that can be strategically allocated to advance clinical trials, expand research and development and potentially accelerate the path to market for their therapies. This capital raise may also provide a cushion for operational expenses, reducing the near-term risk of financial strain.

Investors should note the involvement of high-profile financial institutions as joint book-running managers, which often indicates a certain level of due diligence and credibility to the offering. The market response to such an offering could influence Immunome's stock volatility in the short term. Long-term implications include the company's ability to meet milestones and manage the dilutive effect of the new shares on existing shareholders.

Biotech Industry Analyst

Immunome's successful capital raise is a testament to the market's interest in innovative oncology solutions. The biotechnology sector is highly competitive, with significant investment required for research and development, especially in the field of targeted cancer therapies. Immunome's ability to secure such a substantial amount of funding may suggest that their proprietary technology or pipeline has unique aspects that could differentiate them from competitors.

With the biotech industry being highly regulated, the mention of the shelf registration on Form S-3 becoming effective upon filing with the SEC indicates that Immunome was prepared for a timely capital raise, understanding the regulatory landscape. Stakeholders should monitor how effectively the company deploys the raised capital towards achieving clinical milestones, which is crucial for the company's valuation and future fundraising efforts.

Market Research Analyst

The pricing of Immunome's shares at $20.00 in the public offering can be reflective of the company's perceived value and growth prospects. It is essential to consider the pricing in the context of the company's historical stock performance and industry benchmarks. Market analysts would compare this pricing to the company's fundamentals, such as their burn rate, cash reserves prior to the offering and the anticipated runway extension the new capital provides.

Additionally, the exercise of the full option by underwriters is a bullish indicator, often suggesting that demand for the stock was higher than initially anticipated. This could have positive implications for the company's stock price and investor sentiment. However, it is also important for stakeholders to be aware of potential market saturation and the impact of increased share supply on stock price.

BOTHELL, Wash.--(BUSINESS WIRE)-- Immunome, Inc. (“Immunome”) (Nasdaq: IMNM), a biotechnology company dedicated to developing first-in-class and best-in-class targeted cancer therapies, today announced the closing of its underwritten public offering of 10,000,000 shares of its common stock, including the exercise in full by the underwriters of their option to purchase an additional 1,500,000 shares, at a price to the public of $20.00 per share. The gross proceeds to Immunome from the offering, before deducting underwriting discounts and commissions and offering expenses, are $230.0 million. All of the shares in the offering were sold by Immunome.

J.P. Morgan, TD Cowen, Leerink Partners and Guggenheim Securities acted as joint book-running managers for the offering. Wedbush PacGrow acted as lead manager for the offering.

The offering was made pursuant to a shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (the "SEC") on February 13, 2024 and automatically became effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by email at Prospectus_ECM@cowen.com or by telephone at (833) 297-2926; Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525 ext. 6105, or by email at syndicate@leerink.com; or Guggenheim Securities, LLC Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell or a 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 Immunome, Inc.

Immunome is a biotechnology company dedicated to developing first-in-class and best-in-class targeted cancer therapies. Our portfolio pursues each target with a modality appropriate to its biology, including ADCs, radioligand therapies, immunotherapies, and small molecules. We believe that pursuing underexplored targets with appropriate drug modalities leads to transformative therapies. Our proprietary memory B cell hybridoma technology allows for the rapid screening and functional characterization of novel antibodies and targets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240216984764/en/

Investor Contact:

Max Rosett

Interim Chief Financial Officer and EVP, Operations

mrosett@immunome.com

Source: Immunome, Inc.

FAQ

How many shares of common stock did Immunome sell in the public offering?

Immunome sold 10,000,000 shares of its common stock in the public offering.

What was the price per share in Immunome's public offering?

The price per share in Immunome's public offering was $20.00.

How much did Immunome raise from the public offering?

Immunome raised $230.0 million from the public offering.

Who were the joint book-running managers for Immunome's offering?

J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities acted as joint book-running managers for Immunome's offering.

What is the ticker symbol for Immunome?

The ticker symbol for Immunome is IMNM.