IN8bio, Inc. (Nasdaq: INAB), a leading clinical-stage
biopharmaceutical company focused on innovative gamma-delta T cell
therapies, today announced that it has entered into a securities
purchase agreement with certain healthcare-focused institutional
investors to raise up to $46.9 million at increasing valuations
that includes initial gross proceeds of $14.4 million, extending
the Company’s runway into 2025.
Under the terms of the securities purchase
agreement, the Company will sell units comprised of an aggregate of
11,249,588 shares of the Company’s common stock, par value $0.0001
per share, pre-funded warrants to purchase 574,241 shares of common
stock, warrants to purchase up to 11,823,829 shares of common stock
(the “Series A Ordinary Warrants”) and warrants to purchase up to
11,823,829 shares of common stock (the “Series B Ordinary Warrants”
and, together with the Series A Ordinary Warrants, the “Ordinary
Warrants”). The units will be sold at a purchase price of $1.22 per
unit. The pre-funded warrants will have an exercise price of
$0.0001 per share. The Series A Ordinary Warrants will have an
exercise price of $1.25 per share. The Series B Ordinary Warrants
will have an exercise price of $1.50 per share.
IN8bio will receive initial gross proceeds of
approximately $14.4 million as a result of the private placement.
IN8bio intends to use the net proceeds from the private placement
to fund the clinical development of its product candidates and for
general corporate purposes.
Investors have committed to exercise the Series
A Ordinary Warrants at a purchase price of $1.25 per share for
aggregate proceeds of $14.8 million and the issuance of 11.8
million shares of common stock. The mandatory exercise of Series A
Ordinary Warrants is subject to the Company’s public announcement
of its INB-100 data for the ten currently enrolled patients, should
they remain alive and evaluable, covering a period of at least 11
months of long-term follow-up for each patient, along with certain
stock price and trading volume requirements.
The Series B Ordinary Warrants allow the Company
to redeem such warrants, at a redemption price of $0.01 per Series
B Ordinary Warrant. Holders of Class B Ordinary Warrants may choose
to exercise such warrants at a purchase price of $1.50 per share
prior to such mandatory redemption. The Series B Ordinary Warrant
redemption is subject to the Company’s public announcement of its
INB-100 data for the ten currently enrolled patients, should they
remain alive and evaluable, covering a period of at least 22 months
of long-term follow-up for each patient, along with certain stock
price and trading volume requirements. Should all holders of Series
B Ordinary Warrants choose to exercise such warrants, it would
result in aggregate proceeds to the Company of $17.7 million and
the issuance of 11.8 million shares of common stock.
The closing of the private placement is subject
to customary closing conditions and is expected to occur on or
about December 13, 2023.
Cantor Fitzgerald & Co. acted as the sole
placement agent for the private placement.
The offer and sale of the foregoing securities
is being made in a private placement pursuant to an exemption under
the Securities Act of 1933, as amended (the “Securities Act”), and
the Securities have not been registered under the Securities Act or
applicable state securities laws. The Securities may not be offered
or sold in the United States except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities laws.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy the Securities, nor
shall there be any sale of the Securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About IN8bio
IN8bio is a clinical-stage biopharmaceutical
company focused on the discovery, development and commercialization
of gamma-delta T cell product candidates for solid and liquid
tumors. Gamma-delta T cells are a specialized population of T cells
that possess unique properties, including the ability to
differentiate between healthy and diseased tissue. IN8bio’s DeltEx
platform employs allogeneic, autologous, iPSC and genetically
modified approaches to develop cell therapies, designed to
effectively identify and eradicate tumor cells.
IN8bio has initiated a Phase 2 trial of INB-400
in GBM at multiple centers across the United States and has two
ongoing Phase 1 trials in solid and hematological tumors, including
INB-200 for GBM and INB-100 for patients with hematologic
malignancies undergoing transplantation. IN8bio also has a broad
portfolio of preclinical programs focused on addressing other
hematological and solid tumor cancers. For more information about
IN8bio and its programs, please visit www.in8bio.com.
Forward Looking Statements
This press release may contain forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
may be identified by words such as “aims,” “anticipates,”
“believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,”
“intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will”
and variations of these words or similar expressions that are
intended to identify forward-looking statements, although not all
forward-looking statements contain these words. Forward-looking
statements in this press release include, but are not limited to,
statements regarding the completion of the offering, the
satisfaction of customary closing conditions relating to the
private placement, the use of the net proceeds in this Private
Placement, IN8bio’s cash runway and the aggregate proceeds payable
to IN8bio should all holders of Series B Ordinary Warrants choose
to exercise their warrants prior to a mandatory redemption. IN8bio
may not actually achieve the plans, intentions or expectations
disclosed in these forward-looking statements, and you should not
place undue reliance on these 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 factors, including: the
uncertainties related to market and other conditions and the
completion of the public offering; and other important factors, any
of which could cause our actual results to differ from those
contained in the forward-looking statements. These and other
factors are described in greater detail in the section entitled
“Risk Factors” in our Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission (SEC) on November 9, 2023, as
well as in other filings IN8bio may make with the SEC in the
future. Any forward-looking statements contained in this press
release speak only as of the date hereof, and IN8bio expressly
disclaims any obligation to update any forward-looking statements
contained herein, whether because of any new information, future
events, changed circumstances or otherwise, except as otherwise
required by law.
Company Contact:
IN8bio, Inc.Patrick McCall+ 1 646.600.6GDT
(6438)info@IN8bio.com
Investors & Media Contact:
Argot PartnersIN8bio@argotpartners.com
IN8bio (NASDAQ:INAB)
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