Immunome Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Immunome, Inc. (IMNM) announces plans for a $200.0 million public offering of common stock for cancer therapies development. Underwritten by J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities, the offering includes a 30-day option for additional shares. The offering is based on a shelf registration statement filed with the SEC.

Positive

• None.

Negative

• The company's stock price may be negatively impacted by the potential dilution from the public offering.

Insights

Financial Analyst

The announcement of Immunome's intention to commence an underwritten public offering of $200 million in common stock is a significant financial event that warrants close examination. The capital raised from such an offering is typically earmarked for corporate growth initiatives, research and development, or to strengthen the company's balance sheet. In the case of a biotechnology firm like Immunome, which focuses on developing targeted cancer therapies, the influx of funds could be instrumental in advancing their research pipeline or accelerating the path to market for potential treatments.

Investors and market observers should consider the potential dilutive effect of the new shares on existing shareholders. However, if the market perceives the offering as a means to finance promising therapies that could lead to future revenue streams, the short-term dilution might be offset by long-term gains. The additional 15% option granted to underwriters also provides a buffer for the company to capitalize on favorable market conditions, should they arise within the stipulated 30-day period.

The involvement of established financial institutions as joint book-running managers and lead manager lends credibility to the offering and could be indicative of their confidence in Immunome's prospects. Nonetheless, the market's response will ultimately depend on investor sentiment regarding the company's current valuation and the potential impact of its research outcomes.

Market Research Analyst

It is essential to contextualize Immunome's public offering within the broader biotechnology sector, which is characterized by high research and development costs and a long timeline to bring products to market. The sector's performance is heavily influenced by clinical trial outcomes, regulatory approvals and the ability to secure capital. Immunome's move to raise substantial capital suggests a strategic initiative to solidify its position in the competitive landscape of cancer treatment research.

Given the company's focus on first-in-class and best-in-class targeted therapies, the success of this offering could signal to the market Immunome's commitment to innovation and its potential to deliver value to patients and shareholders alike. It is important for stakeholders to monitor subsequent announcements for updates on the use of proceeds, which could provide further insights into the company's strategic priorities and timelines for key milestones.

Moreover, the timing of the offering in relation to market conditions and sector-specific trends could influence investor appetite. A robust appetite for biotech investments, driven by a favorable regulatory environment or breakthroughs in the field, could enhance the success of the offering and its subsequent impact on the company's stock performance.

Legal Expert

In terms of regulatory compliance, the offering is being made pursuant to a shelf registration statement on Form S-3, which became effective upon filing with the U.S. Securities and Exchange Commission (SEC). This process allows companies to register securities in advance and offer them to the public when market conditions are favorable, providing flexibility in capital raising efforts. The legal framework governing such offerings ensures transparency for investors through the requirement of a preliminary prospectus supplement, which details the terms of the offering and risks involved.

Prospective investors should be aware of the legal stipulation that the sale of these securities cannot occur in any state or jurisdiction where it would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. This limitation underscores the importance of adhering to diverse regulatory landscapes and the need for companies like Immunome to navigate these complexities effectively.

Finally, the legal language stating that the press release does not constitute an offer to sell or a solicitation of an offer to buy is a standard disclaimer to prevent premature commitments before the necessary legal documentation is made available to potential investors. This highlights the careful balance between corporate communication and regulatory compliance.

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 its plans to commence an underwritten public offering, subject to market and other conditions, to issue and sell $200.0 million of shares of its common stock. All of the shares are being offered by Immunome. In connection with the proposed offering, Immunome expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the public offering. There can be no assurance as to whether or when the proposed offering may be completed or as to the actual size or terms of the proposed offering.

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

The proposed offering is being 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 proposed offering will be filed with the SEC and will be available for free on the SEC’s website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the proposed offering may be obtained, when available 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.

Forward-Looking Statements

Statements contained in this press release regarding Immunome’s expectations regarding the offering are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, Immunome’s expectations regarding the completion, timing and size of the proposed offering and with respect to granting the underwriters a 30-day option to purchase additional shares. These forward-looking statements are based upon Immunome’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, market conditions, size and expected gross proceeds of the offering, the satisfaction of customary closing conditions related to the proposed offering, Immunome's ability to complete the proposed offering, and the risks and uncertainties inherent in Immunome’s business. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Immunome's most recent annual report on Form 10-K and quarterly report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Immunome's other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement and accompanying prospectus related to the offering to be filed with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Immunome undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240213516014/en/

Investor Contact:

Max Rosett

Interim Chief Financial Officer and EVP, Operations

mrosett@immunome.com

Source: Immunome, Inc.

FAQ

What is the ticker symbol for Immunome, Inc.?

The ticker symbol for Immunome, Inc. is IMNM.

What is the purpose of Immunome's public offering?

Immunome plans to raise $200.0 million for the development of targeted cancer therapies.

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

The joint book-running managers are J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities.

What is the significance of the 30-day option in Immunome's public offering?

The option allows for the purchase of up to an additional 15% of the shares of common stock sold in the offering.

When was the shelf registration statement filed by Immunome with the SEC?

The shelf registration statement was filed on February 13, 2024, and automatically became effective upon filing.