ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage
oncology company focused on developing treatments that address
mechanisms of therapeutic resistance, today has agreed to sell
approximately 12.1 million shares of its common stock (or
pre-funded warrants in lieu thereof) to a select group of
institutional and accredited healthcare specialist investors in a
private placement, at a price per share of $7.00, representing a
premium of approximately 15% to ORIC’s 30-day volume-weighted
average price and approximately 8% to the closing price on June 23,
2023. The pre-funded warrants will have an exercise price of
$0.0001 per share of common stock, will be immediately exercisable,
and will remain exercisable until exercised in full. The financing
is expected to close on June 27, 2023, subject to customary closing
conditions. ORIC anticipates the gross proceeds from the private
placement to be approximately $85 million, before deducting any
offering related expenses.
The financing includes participation from new and existing
institutional investors and is being led by Nextech1 with
participation from EcoR1 Capital, Frazier Life Sciences, Venrock
Healthcare Capital Partners, and Boxer Capital. Participating
investors entered into confidentiality agreements and executed
lock-up agreements with ORIC to restrict their ability to sell ORIC
shares.
“As the competitive profiles of multiple of our clinical
programs begin to emerge with respect to internally generated data
and competitor updates, the added financial firepower provided by
this blue-chip syndicate of investors, both new and existing and
with whom we’ve had longstanding relationships, allows us to
aggressively advance our pipeline for the benefit of patients,”
said Jacob M. Chacko, MD, chief executive officer. “The extended
cash runway positions us well, and we look forward to presenting
initial clinical data from our three clinical programs over the
coming quarters while continuing to advance our mission of
overcoming resistance in cancer.”
“We are thrilled to become long-term partners to ORIC’s
ambitious management team at this critical inflection point as they
look to accelerate the development of their pipeline of
differentiated programs with clinical profiles that are now
emerging,” said Kanishka Pothula, Partner at Nextech. “We believe
that this team’s broad capabilities spanning discovery research,
translational expertise, thoughtfully-designed clinical trials, and
strong business development networks, combined with their data
driven decision-making and financial discipline, uniquely position
ORIC to achieve meaningful impact on patients’ lives.”
ORIC anticipates the following upcoming milestones:
- ORIC-114: Report initial safety, PK/PD, and preliminary
antitumor activity data from ongoing single agent Phase 1b study in
patients with EGFR/HER2-mutated cancers in the second half of
2023.
- ORIC-533: Report initial safety, PK/PD, and preliminary
antitumor activity data from ongoing single agent Phase 1b study in
patients with multiple myeloma in the second half of 2023.
- ORIC-944: Report initial safety, PK/PD, and preliminary
antitumor activity data from ongoing single agent Phase 1b study in
patients with prostate cancer in the first quarter of 2024.
ORIC intends to use the net proceeds from the proposed financing
to fund research and development of its clinical-stage product
candidates and research programs and for working capital and
general corporate purposes. The proceeds from this financing,
combined with current cash, cash equivalents and marketable
securities, is expected to be sufficient to fund the current
operating plan into late 2025.
The securities described above have not been registered under
the Securities Act of 1933, as amended. Accordingly, these
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.
ORIC has agreed to file a registration statement with the U.S.
Securities and Exchange Commission (the “SEC”) registering the
resale of the shares of common stock and the shares of common stock
issuable upon exercise of the pre-funded warrants issued in this
private placement. Any offering of the securities under the resale
registration statement will only be made by means of a
prospectus.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About ORIC Pharmaceuticals, Inc.
ORIC Pharmaceuticals is a clinical stage biopharmaceutical
company dedicated to improving patients’ lives
by Overcoming Resistance In Cancer. ORIC’s
clinical stage product candidates include (1) ORIC-533, an orally
bioavailable small molecule inhibitor of CD73, a key node in the
adenosine pathway believed to play a central role in resistance to
chemotherapy- and immunotherapy-based treatment regimens, being
developed for multiple myeloma, (2) ORIC-114, a brain penetrant
inhibitor designed to selectively target EGFR and HER2 with high
potency against exon 20 insertion mutations, being developed across
multiple genetically defined cancers, and (3) ORIC-944, an
allosteric inhibitor of the polycomb repressive complex 2 (PRC2)
via the EED subunit, being developed for prostate cancer. Beyond
these three product candidates, ORIC is also developing multiple
precision medicines targeting other hallmark cancer resistance
mechanisms. ORIC has offices in South San Francisco and San Diego,
California. For more information, please go
to www.oricpharma.com, and follow us
on Twitter or LinkedIn.
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements as that term is defined in Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release that are not purely historical are
forward-looking statements. Such forward-looking statements
include, among other things, the timing and expectation of the
closing of the private placement; the satisfaction of customary
closing conditions related to the private placement and the
anticipated use of proceeds therefrom; statements regarding ORIC’s
development plans and timelines; the potential advantages of ORIC’s
product candidates and programs; plans underlying ORIC’s clinical
trials and development; the expected timing of reporting initial
data from the ORIC-533, ORIC-114 and ORIC-944 clinical trials;
anticipated upcoming milestones; plans underlying any of ORIC’s
other programs; the period over which ORIC estimates the proceeds
from the private placement, combined with its existing cash, cash
equivalents and investments, will be sufficient to fund its current
operating plan; and statements by the company’s chief executive
officer and Mr. Pothula. Words such as “believes,” “anticipates,”
“plans,” “expects,” “intends,” “will,” “goal,” “potential” and
similar expressions are intended to identify forward-looking
statements. The forward-looking statements contained herein are
based upon ORIC’s current expectations and involve assumptions that
may never materialize or may prove to be incorrect. Actual results
could differ materially from those projected in any forward-looking
statements due to numerous risks and uncertainties, including but
not limited to: risks associated with the process of discovering,
developing and commercializing drugs that are safe and effective
for use as human therapeutics and operating as an early clinical
stage company; ORIC’s ability to develop, initiate or complete
preclinical studies and clinical trials for, obtain approvals for
and commercialize any of its product candidates; changes in ORIC’s
plans to develop and commercialize its product candidates; the
potential for clinical trials of ORIC-533, ORIC-114, ORIC-944 or
any other product candidates to differ from preclinical, initial,
interim, preliminary or expected results; negative impacts of the
COVID-19 pandemic on ORIC’s operations, including clinical trials;
the risk of the occurrence of any event, change or other
circumstance that could give rise to the termination of ORIC’s
license and collaboration agreements; ORIC’s ability to raise any
additional funding it will need to continue to pursue its business
and product development plans; regulatory developments in the
United States and foreign countries; ORIC’s reliance on third
parties, including contract manufacturers and contract research
organizations; ORIC’s ability to obtain and maintain intellectual
property protection for its product candidates; the loss of key
scientific or management personnel; competition in the industry in
which ORIC operates; general economic and market conditions; and
other risks. Information regarding the foregoing and additional
risks may be found in the section entitled “Risk Factors” in ORIC’s
Quarterly Report on Form 10-Q filed with the SEC on May 8, 2023,
and ORIC’s future reports to be filed with the SEC. These
forward-looking statements are made as of the date of this press
release, and ORIC assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements, except as required by law.
Contact:Dominic Piscitelli, Chief Financial
Officerdominic.piscitelli@oricpharma.com info@oricpharma.com
1 Nextech Invest Ltd, on behalf of one or more funds managed by
it.
Oric Pharmaceuticals (NASDAQ:ORIC)
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Oric Pharmaceuticals (NASDAQ:ORIC)
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