IN8bio Announces Closing of Exercise Option to Purchase Additional Shares in Public Offering

Rhea-AI Summary

IN8bio, Inc. (Nasdaq: INAB) has reported that the underwriter of its recent public offering, which closed on August 16, 2022, partially exercised its option to purchase 268,949 additional shares at $1.90 each, adding approximately $0.5 million in gross proceeds. This brings the total number of shares sold to 5,663,686, with gross proceeds now totaling around $10.75 million. The offering was conducted under a registration statement declared effective on August 11, 2022.

Positive

• Total gross proceeds increased to approximately $10.75 million.
• Partial exercise of the underwriter's option reflects investor interest.

Negative

• Potential dilution of existing shareholders due to additional shares being issued.

NEW YORK, Aug. 19, 2022 (GLOBE NEWSWIRE) -- IN8bio, Inc. (Nasdaq: INAB), a clinical-stage biopharmaceutical company focused on the discovery and development of innovative gamma-delta T cell therapies utilizing its DeltEx platform, today announced that the underwriter of its previously announced underwritten public offering of common stock which closed on August 16, 2022 has partially exercised its option to purchase an additional 268,949 shares at the public offering price of $1.90 per share, resulting in additional gross proceeds of approximately $0.5 million. After giving effect to the partial exercise of the option to purchase additional shares, the total number of shares sold by IN8bio in the public offering increased to 5,663,686 shares and gross proceeds increased to approximately $10.75 million.

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.

The shares were offered by IN8bio pursuant to a registration statement on Form S-1 (File No. 333-266620) that was previously filed with, and subsequently declared effective on August 11, 2022, by the U.S. Securities and Exchange Commission (SEC). The offering was made only by means of a prospectus that formed a part of the effective registration statement. The final prospectus relating to and describing the terms of the offering was filed with the SEC on August 12, 2022. Electronic copies of the final prospectus may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212) 856-5711 or email at placements@hcwco.com. The final prospectus is also available on the SEC's website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of IN8bio, nor shall there be any sale of these shares of common stock 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 IN8bio
IN8bio is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of gamma-delta T cell product candidates for solid and liquid tumors. Gamma-delta T cells are a specialized population of T cells that possess unique properties, including the ability to differentiate between healthy and diseased tissue. IN8bio’s DeltEx platform employs allogeneic, autologous, iPSC and genetically modified approaches to develop cell therapies, designed to effectively identify and eradicate tumor cells.

Company Contact:
IN8bio, Inc.
Patrick McCall
+ 1 646.600.6GDT (6438)
info@IN8bio.com

Investors:
Solebury Trout
David Buck
+ 1 646.378.2927
dbuck@soleburytrout.com

Media:
Burns McClellan, Inc.
Katie Larch / Robert Flamm, Ph.D.
+1 212.213.0006
klarch@burnsmc.com / rflamm@burmsmc.com

FAQ

What was the total amount raised in IN8bio's public offering?

IN8bio raised approximately $10.75 million in its public offering.

What is the significance of the underwriter exercising its option?

The underwriter's partial exercise of its option indicates continued investor interest in IN8bio's shares.

How many additional shares did IN8bio offer recently?

IN8bio offered an additional 268,949 shares in its recent public offering.

What impact does the new share issuance have on existing shareholders?

The issuance of additional shares may lead to dilution of existing shareholders' ownership.