Immuneering Announces $30 Million Underwritten Offering

Rhea-AI Summary

Immuneering Corporation (Nasdaq: IMRX), a clinical-stage oncology firm, has priced its underwritten offering of 2,727,273 shares of Class A common stock at $11.00 per share, aiming for gross proceeds of $30 million. The proceeds will support the preclinical and clinical development of its product candidates and general corporate purposes. The offering is facilitated through a shelf registration statement filed with the SEC. Jefferies, TD Cowen, and Guggenheim Securities are acting as joint book-running managers. The press release includes forward-looking statements, cautioning that actual results may vary due to economic factors and associated risks.

Positive

• Gross proceeds of $30 million expected from the offering.
• Funds will advance preclinical and clinical development of product candidates.

Negative

• Risks and uncertainties associated with general economic and market conditions.
• Dependent on success of clinical trials for future revenue.

CAMBRIDGE, Mass., April 18, 2023 (GLOBE NEWSWIRE) -- Immuneering Corporation (Nasdaq: IMRX) (“Immuneering”), a clinical-stage oncology company developing medicines for broad populations of cancer patients with an initial aim to develop a universal-RAS therapy, today announced the pricing of its underwritten offering of 2,727,273 shares of its Class A common stock at an offering price of $11.00 per share. The gross proceeds from the offering are expected be $30 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Immuneering. All shares in the offering will be offered by Immuneering.

Jefferies, TD Cowen and Guggenheim Securities are acting as the joint book-running managers for the offering.

Immuneering intends to use the net proceeds of the offering to advance the preclinical and clinical development of its product candidates and for working capital and other general corporate purposes.

The offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed by Immuneering with the Securities and Exchange Commission (the “SEC”) on August 10, 2022 and declared effective by the SEC on August 19, 2022. A preliminary prospectus supplement relating to the offering was filed with the SEC on April 18, 2023. The final prospectus supplement relating to the offering will be filed with the SEC. Copies of the final prospectus supplement relating to the offering, when available, may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by e-mail at prospectus_department@jefferies.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; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017 or by visiting the EDGAR database on the SEC’s website at www.sec.gov.

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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the consummation of the offering, the terms of the offering, the anticipated use of the net proceeds from the offering and the anticipated gross proceeds therefrom. Statements using words such as “expect”, “anticipate”, “believe”, “may”, “will” and similar terms are also forward-looking statements. Actual results or developments may differ materially from those projected or implied in these forward-looking statements and we caution investors not to place undue reliance on the forward-looking statements contained in this press release. Such statements are subject to numerous risks and uncertainties, including, but not limited to, risks associated with general economic and market conditions and the other important factors discussed under the caption “Risk Factors” in the prospectus supplement related to the offering, our Annual Report on Form 10-K for the year ended December 31, 2022 and our other filings with the SEC. Except as required by law, we undertake no obligations to make any revisions to the forward-looking statements contained in this press release or to update them to reflect events or circumstances occurring after the date of this press release, whether as a result of new information, future developments or otherwise.

Corporate Contact:
Gina Nugent
Nugent Communications
617-460-3579
gina@nugentcommunications.com

Investor Contact:
Laurence Watts
Gilmartin Group
619-916-7620
laurence@gilmartinir.com

or

Kiki Patel, PharmD
Gilmartin Group
332-895-3225
kiki@gilmartinir.com

FAQ

What is the recent stock offering by Immuneering (IMRX)?

Immuneering announced a stock offering of 2,727,273 shares at $11.00 per share, aiming for gross proceeds of $30 million.

How will Immuneering use the proceeds from its offering?

The proceeds will be used for advancing product candidate developments and for general corporate purposes.

Who are the joint managers for Immuneering's stock offering?

Jefferies, TD Cowen, and Guggenheim Securities are the joint book-running managers for the offering.

What are the risks mentioned in Immuneering's press release?

The press release highlights risks such as general economic conditions and uncertainties in clinical trials affecting future revenue.

When was Immuneering's stock offering filed with the SEC?

The shelf registration statement was filed on August 10, 2022, and became effective on August 19, 2022.