Zymeworks Inc. - ZYME STOCK NEWS

Zymeworks Inc. (NYSE: ZYME) has successfully closed a public offering of 11,035,000 common shares, which includes the exercise of an underwriters’ option for an additional 1,875,000 shares. The shares were priced at $8.00 per share, generating gross proceeds of approximately $115.0 million. Additionally, the company offered pre-funded warrants to purchase up to 3,340,000 common shares at $7.9999 each. The offering was managed by Jefferies, Evercore ISI, Stifel, and Wells Fargo Securities.

Zymeworks Inc. (NYSE: ZYME) announced the pricing of its public offering, which includes 9,160,000 common shares and up to 3,340,000 pre-funded warrants. The shares are priced at $8.00 each, while the warrants are at $7.9999, totaling approximately $100 million in gross proceeds. A 30-day option for underwriters to purchase an additional 1,875,000 common shares is also available. The offering is set to close on or around January 31, 2022, subject to customary conditions.

Zymeworks Inc. (NYSE: ZYME) has initiated an underwritten public offering of its common shares and pre-funded warrants. The offering is contingent on market conditions, and there is no guarantee of completion. Zymeworks will provide underwriters a 30-day option to purchase an additional 15% of shares offered. Jefferies, Evercore ISI, Stifel, and Wells Fargo Securities are acting as joint managers of the offering. A shelf registration statement was previously filed with the SEC. No securities will be offered in Canada, and the offering is made solely through a prospectus.

Zymeworks Inc. (NYSE: ZYME) announced strategic priorities for 2022-2023 under new Chair and CEO Kenneth Galbraith. Key initiatives include completing pivotal studies for zanidatamab, optimizing R&D strategies, and establishing partnerships to enhance growth. The company aims to streamline operations, reducing workforce by at least 25% to cut costs. Cash reserves are approximately $250 million, expected to fund operations into late 2022. Zymeworks anticipates key clinical data releases and plans to improve its financial position through collaborations and potential fundraising.

Zymeworks Inc. (NYSE: ZYME) announced an equity inducement award for Kenneth Galbraith, its new Chair, President, and CEO, in compliance with NYSE Rule 303A.08. Galbraith was granted a stock option to purchase 500,000 shares at an exercise price of $14.97, effective from his start date on January 15, 2022. The options will vest over four years, with accelerated vesting upon termination without cause or in case of death/disability. This grant was made outside the current stock option plan but will align with similar terms.

Zymeworks Inc. (NYSE: ZYME), a clinical-stage biopharmaceutical company, announced that Neil Klompas, Chief Operating Officer and Chief Financial Officer, will present at the 40th Annual J.P. Morgan Healthcare Conference on January 11, 2022 at 9:45 a.m. ET. The presentation will be accessible via live webcast and replay on Zymeworks' website.

Zymeworks focuses on developing next-generation multifunctional biotherapeutics, including its lead candidate, zanidatamab, for HER2-expressing solid tumors.

Zymeworks Inc. (NYSE: ZYME) announced the appointment of Kenneth Galbraith as Chair and CEO, effective by February 1, 2022. Galbraith, an experienced leader in life sciences, succeeds co-founder Ali Tehrani, who will transition to an advisory role. Neil Klompas has been promoted to both CFO and COO. The Board believes Galbraith's leadership is pivotal for advancing the development of zanidatamab and expanding the R&D pipeline. Zymeworks aims to progress pivotal clinical studies for zanidatamab this year, demonstrating its commitment to innovative cancer therapies.

Zymeworks announced that BeiGene has dosed the first patient in South Korea for the HERIZON-GEA-01 trial, part of their collaboration agreement. This milestone triggers an $8 million payment to Zymeworks. The HERIZON-GEA-01 trial aims to enroll approximately 700 patients across 300 sites globally, with a 24-month enrollment period. Success in this trial could lead to a supplemental Biologics License Application submission in the U.S. as early as 2024.

Zymeworks Inc. (NYSE: ZYME) announced promising clinical trial results for zanidatamab, a HER2-targeted bispecific antibody, at the San Antonio Breast Cancer Symposium. In a study of 24 patients with heavily pretreated HER2-positive breast cancer, the overall confirmed objective response rate was 36.4%, with a disease control rate of 86.4%. The median progression-free survival reached 7.3 months. The results indicate that zanidatamab combined with chemotherapy could offer a new treatment avenue for patients after multiple prior therapies.