SAN
DIEGO, Aug. 29, 2023 /PRNewswire/ -- Inhibrx,
Inc. (Nasdaq: INBX) ("Inhibrx" or the "Company"), a clinical-stage
biopharmaceutical company dedicated to the development of
therapeutics for oncology and rare diseases, announced today that
it has entered into a securities purchase agreement for a private
placement financing (the "PIPE") that is expected to result in
gross proceeds of approximately $200
million. The financing was limited to certain of the
Company's existing investors, which included participation from RA
Capital Management as the lead investor, Viking Global Investors,
Perceptive Advisors, and TCGX.
In the PIPE, Inhibrx is selling an aggregate of 3,621,314 shares
of its common stock at a price of $19.35 per share and, in lieu of common stock to
certain investors, pre-funded warrants to purchase up to an
aggregate of 6,714,636 shares of common stock at a purchase price
of $19.3499 per pre-funded warrant.
Each pre-funded warrant has an exercise price of $0.0001 per share of common stock and is
immediately exercisable and remains exercisable until exercised in
full. The PIPE is expected to close by August 31, 2023, subject to customary closing
conditions.
The securities to be sold in the PIPE, including the shares of
common stock underlying the pre-funded warrants, have not been
registered under the Securities Act of 1933, as amended, or
applicable state securities laws, and 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. Inhibrx has agreed to file a
registration statement with the Securities and Exchange Commission
registering the resale of the shares of common stock and the shares
of common stock underlying the pre-funded warrants issued in the
PIPE.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities described herein,
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 the registration or qualification under the
securities laws of any such state or jurisdiction.
About Inhibrx, Inc.
Inhibrx is a clinical-stage biopharmaceutical company focused on
developing a broad pipeline of novel biologic therapeutic
candidates in oncology and orphan diseases. Inhibrx utilizes
diverse methods of protein engineering to address the specific
requirements of complex target and disease biology, including its
proprietary protein engineering platforms. For more information,
please visit www.inhibrx.com.
Forward-Looking Statements
Inhibrx cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. These statements are based on Inhibrx's
current beliefs and expectations. Forward-looking statements
include, but are not limited to, statements regarding: the
anticipated proceeds to be received in the proposed PIPE, expected
timing of closing of the proposed PIPE, the timing of registration
of the securities sold in the PIPE with the Securities and Exchange
Commission, Inhibrx's and its investigators' judgments and beliefs
regarding the strength of Inhibrx's pipeline and the observed
safety and efficacy to date of its therapeutic candidates; whether
a trial is registration-enabling; future clinical development of
Inhibrx's therapeutic candidates, including any potential for
approval or accelerated approval. Actual results may differ from
those set forth in this press release due to the risks and
uncertainties inherent in Inhibrx's business, including, without
limitation, risks and uncertainties regarding: the initiation,
timing, progress and results of its preclinical studies and
clinical trials, and its research and development programs; its
ability to advance therapeutic candidates into, and successfully
complete, clinical trials; its interpretation of initial, interim
or preliminary data from its clinical trials, including
interpretations regarding disease control and disease response; the
timing or likelihood of regulatory filings and approvals; the
successful commercialization of its therapeutic candidates, if
approved; the pricing, coverage and reimbursement of its
therapeutic candidates, if approved; its ability to utilize its
technology platform to generate and advance additional therapeutic
candidates; the implementation of its business model and strategic
plans for its business and therapeutic candidates; its ability to
successfully manufacture therapeutic candidates for clinical trials
and commercial use, if approved; its ability to contract with
third-party suppliers and manufacturers and their ability to
perform adequately; the scope of protection it is able to establish
and maintain for intellectual property rights covering its
therapeutic candidates; its ability to enter into strategic
partnerships and the potential benefits of these partnerships; its
estimates regarding expenses, capital requirements and needs for
additional financing and financial performance; and other risks
described from time to time in Inhibrx's filings with the SEC,
including under the heading "Risk Factors" in Inhibrx's Annual
Report on Form 10-K filed with the SEC on March 6, 2023 and subsequently filed reports. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and Inhibrx
undertakes no obligation to update these statements to reflect
events that occur or circumstances that exist after the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
Investor and Media Contact:
Kelly Deck, CFO
ir@inhibrx.com
858-795-4260
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SOURCE Inhibrx Inc.
