Jounce Therapeutics Announces Closing of Public Offering and Full Exercise of Over-Allotment Option

Rhea-AI Summary

Jounce Therapeutics (Nasdaq: JNCE) has successfully closed its public offering of 5,750,000 common shares at $11.25 each, raising approximately $64.7 million in gross proceeds. The offering included 750,000 shares sold due to the underwriters' full exercise of their option. The shares were offered under a registration statement filed with the SEC. Jounce focuses on developing cancer immunotherapies, including its advanced program JTX-8064, a treatment aimed at reprogramming immune-suppressive macrophages. Cowen and Piper Sandler managed the offering.

Positive

• Raised approximately $64.7 million in gross proceeds to support ongoing development.
• Funds will aid multiple developmental programs and enhance the pipeline of cancer therapies.

Negative

• Potential shareholder dilution from the newly issued shares.

CAMBRIDGE, Mass., March 12, 2021 (GLOBE NEWSWIRE) -- Jounce Therapeutics, Inc. (Nasdaq: JNCE), a clinical-stage company focused on the discovery and development of novel cancer immunotherapies and predictive biomarkers, today announced the closing of its previously announced underwritten public offering of 5,750,000 shares of its common stock at a public offering price of $11.25 per share, including 750,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. Gross proceeds from the sale of the shares, before deducting underwriting discounts and commissions and offering expenses, were approximately $64.7 million.

Cowen and Piper Sandler acted as joint book-running managers for the offering.

The shares were offered by Jounce pursuant to a shelf registration statement that was filed with the Securities and Exchange Commission (“SEC”) on March 8, 2018 and declared effective by the SEC on May 1, 2018. The offering was made solely by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A final prospectus supplement relating to, and describing the terms of, the offering has been filed with the SEC and is available on the SEC’s web site at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering can be obtained from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at 833-297-2926; or from Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by telephone at 800-747-3924.

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

About Jounce Therapeutics
Jounce Therapeutics, Inc. is a clinical-stage immunotherapy company dedicated to transforming the treatment of cancer by developing therapies that enable the immune system to attack tumors and provide long-lasting benefits to patients through a biomarker-driven approach. Jounce currently has multiple development stage programs ongoing while simultaneously advancing additional early-stage assets from its robust discovery engine based on its Translational Science Platform. Jounce’s highest priority program, JTX-8064, is a LILRB2 (ILT4) receptor antagonist shown to reprogram immune-suppressive tumor associated macrophages to an anti-tumor state in preclinical studies. A Phase 1 clinical trial, named INNATE, for JTX-8064 as a monotherapy and in combination with JTX-4014, Jounce’s internal PD-1 inhibitor, or pembrolizumab is currently enrolling patients with advanced solid tumors. Jounce’s most advanced product candidate, vopratelimab, is a monoclonal antibody that binds to and activates ICOS, and is currently being studied in the SELECT Phase 2 trial. JTX-4014 is a PD-1 inhibitor intended for combination use in the INNATE and SELECT trials and with Jounce’s broader pipeline. Additionally, Jounce exclusively licensed worldwide rights to JTX-1811, a monoclonal antibody targeting CCR8 and designed to selectively deplete T regulatory cells in the tumor microenvironment, to Gilead Sciences, Inc.

Investor and Media Contacts:
Malin Deon
Jounce Therapeutics, Inc.
+1-857-259-3843
mdeon@jouncetx.com

Mark Yore
Jounce Therapeutics, Inc.
+1-857-200-1255
myore@jouncetx.com

FAQ

What is the purpose of Jounce Therapeutics' recent public offering?

The public offering aims to raise funds for the ongoing development of Jounce's cancer immunotherapy programs.

How many shares were included in the Jounce Therapeutics public offering?

Jounce Therapeutics offered 5,750,000 shares in the public offering.

What is the price per share for the Jounce Therapeutics offering?

The shares were offered at a public price of $11.25 each.

What are the expected benefits of the raised funds for Jounce Therapeutics?

The funds will support Jounce's multiple clinical programs and potentially expedite the development of their innovative cancer therapies.

How might the public offering affect Jounce Therapeutics' shareholders?

The public offering could lead to dilution of current shareholders' equity due to the increase in total shares outstanding.