Infinity Announces Closing of $92 Million Public Offering of Common Stock
Infinity Pharmaceuticals (Nasdaq: INFI) has completed the sale of 24,150,000 shares at $3.80 per share, generating approximately $91.8 million in gross proceeds. The offering, which included a full over-allotment option, closed on February 17, 2021. Funds will be allocated towards the clinical development of eganelisib, a novel immuno-oncology treatment, as well as general corporate purposes. Piper Sandler & Co. served as the sole book-runner for this public offering.
- Gross proceeds from the offering amounted to approximately $91.8 million.
- Proceeds will be used for ongoing clinical development of eganelisib, potentially enhancing growth prospects.
- Potential dilution from the issuance of new shares.
Infinity Pharmaceuticals, Inc. (Nasdaq: INFI) (“Infinity” or the “Company”), a clinical-stage biotechnology company developing eganelisib, a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic which addresses a fundamental biologic mechanism of immune suppression in cancer, today announced the closing of the sale of 24,150,000 shares of its common stock at a public offering price of
Piper Sandler & Co. acted as sole book-runner for the offering. Truist Securities, Inc. and JonesTrading Institutional Services LLC acted as co-managers for the offering.
Infinity intends to use net proceeds from the offering for the continued clinical development of eganelisib, for general corporate purposes and for working capital.
The offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-230258) that was filed with the Securities and Exchange Commission (“SEC”) on March 14, 2019 and declared effective on April 29, 2019 and a related registration statement on Form S-3 (File No.333-253026) that was filed pursuant to Rule 462(b) and which became automatically effective on February 11, 2021. The offering was made only by a means of a written prospectus and a prospectus supplement that form a part of the registration statement. A final prospectus supplement relating to the offering and the accompanying base prospectus and the registration statements have been filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. Copies of the registration statements, the final prospectus supplement and accompanying base prospectus may also be obtained by contacting: Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or by email at prospectus@psc.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation, or sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Infinity and Eganelisib
Infinity is a clinical-stage biotechnology company developing eganelisib, a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic which addresses a fundamental biologic mechanism of immune suppression in cancer, in multiple clinical studies. MARIO-275 is a global, randomized, placebo-controlled study of eganelisib combined with Opdivo® in I/O naïve urothelial cancer. MARIO-3 is the first eganelisib combination study in front-line advanced cancer patients and is evaluating eganelisib in combination with Tecentriq® and Abraxane® in front-line TNBC and in combination with Tecentriq and Avastin® in front-line RCC. In collaboration with Arcus Biosciences, Infinity is evaluating a checkpoint inhibitor-free, novel combination regimen of eganelisib plus etrumadenant (dual adenosine receptor antagonist) plus Doxil® in advanced TNBC patients. With these studies Infinity is evaluating eganelisib in the anti-PD-1 refractory, I/O-naïve, and front-line and second line settings. For more information on Infinity, please refer to Infinity's website at www.infi.com.
Opdivo® is a registered trademark of Bristol Myers Squibb.
Tecentriq® is a registered trademark of Genentech, Inc.
Abraxane® is a registered trademark of Abraxis BioScience, LLC., a wholly owned subsidiary of Bristol Myers Squibb Company.
Avastin® is a registered trademark of Genentech, Inc.
Doxil® is a registered trademark of Baxter Healthcare Corporation.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Any statements that are not historical fact (including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” “may,” and similar expressions) are forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various important factors, including, without limitation, risks and uncertainties related to market and other conditions and the impact of general economic, industry or political conditions in the United States or internationally. In addition, the extent to which the COVID-19 outbreak continues to impact Infinity’s workforce and its clinical trial operations activities, and the operations of the third parties on which Infinity relies, will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the outbreak, additional or modified government actions, and the actions that may be required to contain the virus or treat its impact. Additional risks and uncertainties relating to the offering, Infinity and its business can be found under the caption “Risk Factors” in Infinity’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and prospectus supplement dated February 11, 2021, each of which is on file with the SEC; and risks described in other filings that Infinity makes with the SEC in the future Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity does not undertake and expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005098/en/
FAQ
What are the details of the stock offering by Infinity Pharmaceuticals?
How much money did Infinity Pharmaceuticals raise from the stock offering?
What will Infinity Pharmaceuticals use the proceeds from the offering for?
Who was involved in the underwriting of the stock offering for Infinity Pharmaceuticals?
