PDS Biotechnology Corporation Announces Pricing of $16.5 Million Public Offering of Common Stock

Rhea-AI Summary

PDS Biotechnology has announced a public offering of 6,000,000 shares of common stock at $2.75 each, aiming to raise approximately $16.5 million.

The offering, set to close on August 13, 2020, includes an option for underwriters to buy 900,000 additional shares.

Proceeds will fund working capital and general corporate purposes, enhancing its ability to develop cancer therapies and vaccines utilizing its Versamune^® technology.

Positive

• Gross proceeds of approximately $16.5 million to fund working capital and corporate purposes.
• Potential for growth and development of cancer therapies and vaccines using Versamune^® technology.

Negative

• Possible shareholder dilution due to the issuance of new shares.

FLORHAM PARK, N.J., Aug. 11, 2020 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (“PDS Biotech” or the “Company”) (Nasdaq: PDSB), a clinical-stage immunotherapy company developing novel cancer therapies and infectious disease vaccines based on the Company’s proprietary Versamune^® T-cell activating technology, today announced the pricing of its previously announced underwritten public offering consisting of 6,000,000 shares of common stock at a public offering price of $2.75 per share. The gross proceeds to PDS Biotech from this offering are expected to be $16,500,000, before deducting underwriting discounts, commissions and other offering expenses. In addition, PDS Biotech has granted the underwriter a 30-day option to purchase up to 900,000 additional shares of common stock at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on Thursday, August 13, 2020, subject to customary closing conditions.   

PDS Biotech intends to use the proceeds from this offering to fund working capital and general corporate purposes.

Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering.

This offering by PDS Biotech is being made pursuant to an effective registration statement on Form S-3 (File No. 333-240011) previously filed with the U.S. Securities and Exchange Commission ("SEC") on July 22, 2020 and declared effective on July 31, 2020, and the accompanying prospectus contained therein.  The offering of the shares of common stock will be made by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.  A final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC, and will be available on the SEC's website at http://www.sec.gov or by contacting Oppenheimer & Co. Inc. at 85 Broad Street, 26^th Floor, New York, NY 10004, Attention: Equity Syndicate Prospectus Department, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.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 PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy company with a growing pipeline of cancer immunotherapies and infectious disease vaccines based on the Company’s proprietary Versamune® T-cell activating technology platform. Versamune^® effectively delivers disease-specific antigens for in vivo uptake and processing, while also activating the critical type 1 interferon immunological pathway, resulting in production of potent disease-specific killer T-cells as well as neutralizing antibodies. PDS Biotech has engineered multiple therapies, based on combinations of Versamune^® and disease-specific antigens, designed to train the immune system to better recognize disease cells and effectively attack and destroy them. 

Forward Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 on our current expectations and projections about future events. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These statements are based upon current beliefs, expectations, and assumptions and include statements regarding the proposed public offering and anticipated closing. These statements are subject to a number of risks and uncertainties, many of which are difficult to predict, including market conditions, whether the proposed offering is completed, the satisfaction of customary closing conditions related to the proposed offering and the other factors described in PDS Biotech’s filings with the SEC. The information in this release is provided only as of the date of this release, and PDS Biotech undertakes no obligation to update any forward-looking statements contained in this release based on new information, future events, or otherwise, except as required by law.

Media & Investor Relations Contact:

Deanne Randolph
PDS Biotechnology
Phone: +1 (908) 517-3613
Email: drandolph@pdsbiotech.com 

Alexander Lobo
The Ruth Group
Phone: +1 (646) 536-7037
Email: alobo@theruthgroup.com 

 

FAQ

What is the share price and total offering size for PDS Biotechnology's recent public offering?

PDS Biotechnology priced its public offering at $2.75 per share, aiming to raise approximately $16.5 million from 6,000,000 shares.

When is the closing date for PDS Biotechnology's public offering?

The closing date for PDS Biotechnology's public offering is set for August 13, 2020.

What will PDS Biotechnology do with the proceeds from its stock offering?

The proceeds will be used for funding working capital and general corporate purposes.

Is there an option for underwriters in PDS Biotechnology's offering?

Yes, underwriters have a 30-day option to purchase up to 900,000 additional shares at the public offering price.