Iovance Biotherapeutics, Inc (NASDAQ:$IOVA) has announced pricing for their $50 million common stock offering. The company will offer 7,692,308 shares of its common stock at the price of $6.50 per share. Gross profits from this sale are expected to reach $50 million, after subtractions from discounts and commissions. IOVA is also offering underwriters a 30-day option to buy up to 1,153,846 additional shares of the common stock at the public offering price, after the subtractions for discounts and commissions.
Iovance is a clinical-stage biopharmaceutical company focused on developing and commercializing cancer immunotherapy products. Their products are designed to use the body’s own immune system to help eradicate cancerous cells.
The profits generated by this sale are planned to fund clinical trials in the future for its product candidates. This includes Phase 2 clinical trials of LN-145, a treatment for head, neck and cervical cancer, and LN-144, which is intended to treat metastatic melanoma. The funds will also be used to fund commercial scale as well as other general corporate purposes.
The transaction will also include H.C. Wainwright & Co., LLC and Chardan, LLC as acting co-managers, Oppenheimer & Co. Inc. as acting leading manager, and Jefferies LLC and Wells Fargo Securities, LLC as acting joint book-running managers.
Iovance currently has a Market Cap of $438.81 million, a 52 week high and low of $8.60 and $4.45 and opened at $7.10 during Thursday trading. The company also has a 4.59 Beta, indicating a significant risk of instability.
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