NantKwest Announces $50 Million Stock Repurchase Program
12 11월 2015 - 10:00PM
Business Wire
NantKwest Inc. (Nasdaq:NK), a pioneering, next generation,
clinical-stage immunotherapy company focused on harnessing the
unique power of our immune system using natural killer (NK) cells
to treat cancer, infectious diseases and inflammatory diseases,
announced today that its Board of Directors has authorized a stock
repurchase program under which the company may repurchase up to $50
million of its outstanding common stock.
“Our management team and Board of Directors strongly believe
that NantKwest’s growth prospects and long-term strategy are not
reflected in the company’s current stock price,” said Dr. Patrick
Soon-Shiong, NantKwest’s Chairman and Chief Executive Officer. “The
stock repurchase program that was announced today demonstrates our
confidence in the strength of our business, our strong conviction
in our long-term growth prospects and our commitment to delivering
shareholder value.”
The stock purchases may be made from time to time in the open
market or in privately negotiated transactions, in compliance with
applicable state and federal securities laws. The timing and
amounts of any purchases will be based on market conditions and
other factors, including price, regulatory requirements and other
corporate considerations, as determined by NantKwest’s management
team. The program does not require the purchase of any minimum
number of shares and may be suspended, modified or discontinued at
any time without prior notice. NantKwest expects to finance the
purchases with existing cash balances.
About NantKwest Inc.
NantKwest (Nasdaq:NK) is a pioneering, next generation,
clinical-stage immunotherapy company focused on harnessing the
unique power of our immune system using natural killer (NK) cells
to treat cancer, infectious diseases and inflammatory diseases. NK
cells are the body’s first line of defense due to the innate
ability of NK cells to rapidly identify and destroy cells under
stress, such as cancer or virally-infected cells.
NantKwest’s unique NK cell-based platform, with the capacity to
grow active killer cells as a biological cancer therapy, has been
designed to induce cell death against cancer or infected cells by
three different modes of action: (1) Direct killing using activated
NK cells (aNK) that release toxic granules directly into the cell
through cell to cell contact, (2) Antibody-mediated killing using
haNKs, which are NK cells engineered to incorporate a high affinity
receptor that binds to an administered antibody, enhancing the
cancer cell killing effect of that antibody, and (3) Targeted
activated killing using taNKs, which are NK cells engineered to
incorporate chimeric antigen receptors (CARs) to target
tumor-specific antigens found on the surface of cancer cells.
The aNK, haNK and taNK platform addresses certain limitations of
T cell therapies including the reduction of risk of serious
"cytokine storms" reported after T cell therapy. As an
“off-the-shelf” therapy, NantKwest's NK cells do not rely on a
patient’s own often compromised immune system. In Phase 1 clinical
trials in patients with late stage cancer, NantKwest's NK cells
have been successfully administered as an outpatient infusion
therapy without any reported severe side effects, even at doses of
10 billion cells.
By leveraging an integrated and extensive genomics and
transcriptomics discovery and development engine, together with a
pipeline of multiple, clinical-stage, immuno-oncology programs that
include a Phase 2 trial for a rare form of melanoma and the planned
initiation of a clinical trial of NK cells targeted to breast
cancer, we believe NantKwest is uniquely positioned to be the
premier immunotherapy company and transform medicine by delivering
living drugs in a bag and bringing novel NK cell-based therapies to
routine clinical care. For more information please
visit http://www.nantkwest.com and follow Dr. Soon-Shiong on
Twitter @solvehealthcare.
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version on businesswire.com: http://www.businesswire.com/news/home/20151112005401/en/
NantKwest Inc.Jen Hodson, 562-397-3639jhodson@nantworks.com
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