CULVER CITY, Calif. - ImmunityBio, Inc. (NASDAQ: IBRX), a $3.2 billion market cap immunotherapy company currently trading at $4.64, announced its intention to launch a public offering of its common stock, subject to market conditions. According to InvestingPro data, the company has shown impressive revenue growth of over 1,200% in the last twelve months. The company will offer additional shares and expects to grant underwriters a 30-day option to purchase up to 15% more shares at the public offering price, minus discounts and commissions.
The funds raised are earmarked for the commercialization of ANKTIVA®, its treatment for a specific type of bladder cancer, as well as for funding trials in bladder cancer and non-small cell lung cancer, among other corporate purposes. With a healthy current ratio of 2.68, the company maintains strong liquidity to support its operations. ImmunityBio emphasizes that the completion, timing, and size of the offering are not guaranteed and are subject to market conditions.
The offering will be managed by Jefferies and Piper Sandler as joint book-running managers, with BTIG and H.C. Wainwright & Co. serving as co-lead managers. The shares will be offered via a shelf registration statement filed with the SEC on April 17, 2024, and became automatically effective on the same date.
ImmunityBio is a biotechnology firm focused on developing therapies to enhance the natural immune system's response to cancer and infectious diseases. Its product, ANKTIVA®, has been designated an FDA Breakthrough Therapy for bladder cancer and is part of the company’s broader approach to treating cancers without relying on high-dose chemotherapy.
This press release constitutes neither an offer to sell nor a solicitation of an offer to buy the securities, and sales will not be conducted in jurisdictions where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Investors are cautioned to consider the risks and uncertainties detailed in ImmunityBio’s filings with the SEC, including its most recent quarterly report and the preliminary prospectus supplement related to the public offering. The proposed offering is based on a press release statement and is subject to change.
In other recent news, ImmunityBio Inc. has partnered with software company nCartes, Inc. to automate data processes in clinical trials. The collaboration aims to expedite data collection, potentially accelerating the introduction of new therapies. The digital system will feed data directly from electronic medical records (EMR) into Electronic Data Capture (EDC) systems, enhancing efficiency and reducing costs associated with data verification.
ImmunityBio also reported positive results from its QUILT 3.055 trial, which demonstrated prolonged survival in patients with advanced non-small cell lung cancer (NSCLC). The trial used ANKTIVA in combination with checkpoint inhibitors KEYTRUDA or OPDIVO, leading to the initiation of Phase 3 trials of ANKTIVA for 1st and 2nd line NSCLC treatment.
In terms of financial analysis, EF Hutton initiated coverage on ImmunityBio Inc., issuing a Buy rating with a stock target of $30.00. The firm recognized the potential of the company's cancer therapy, Anktiva, which could extend beyond bladder cancer to treat other solid tumors. Meanwhile, Piper Sandler maintained a Neutral rating on ImmunityBio's stock.
In corporate developments, ImmunityBio re-elected nine directors at its Annual Meeting of Stockholders and approved an increase in the number of shares authorized for issuance under its 2015 Equity Incentive Plan by 19.9 million. The company also entered an exclusive global arrangement with the Serum Institute of India to manufacture Bacillus Calmette-Guerin for use with ANKTIVA.
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