IGM Announces Pricing of $107.3 Million Upsized Public Offering and Concurrent Private Placement
22 Junho 2023 - 8:58AM
IGM Biosciences, Inc. (NASDAQ: IGMS) today announced the pricing of
its upsized underwritten public offering of 3,285,327 shares of its
voting common stock and 7,312,500 shares of its non-voting common
stock, in each case at a price to the public of $8.00 per share. In
addition, IGM has granted the underwriters a 30-day option to
purchase up to an additional 1,589,673 shares of its voting common
stock at the public offering price, less underwriting discounts and
commissions. All of the shares in the public offering will be sold
by IGM. The public offering is expected to close on or about June
26, 2023, subject to satisfaction of customary closing conditions.
Concurrent with the public offering, IGM intends
to sell, subject to the consummation of the public offering and
other customary conditions, in a private placement exempt from the
registration requirements of the Securities Act of 1933, as amended
(the Securities Act), 2,812,500 shares of non-voting common stock
to certain institutional and other accredited investors affiliated
with or managed by Redmile Group, LLC at a sale price equal to
$8.00 per share. However, the consummation of the public offering
is not contingent on the consummation of this concurrent private
placement.
IGM expects to receive total gross proceeds of
approximately $107.3 million from the public offering and the
concurrent private placement, before deducting the underwriting
discounts and commissions and estimated offering expenses payable
by IGM in connection with the public offering and the concurrent
private placement.
BofA Securities, Jefferies, Stifel, and
Guggenheim Securities are acting as joint book-running managers for
the public offering.
The securities in the public offering will be
offered by IGM pursuant to a Registration Statement on Form S-3,
filed with the Securities and Exchange Commission (SEC) on November
3, 2022 and declared effective on November 14, 2022. A final
prospectus supplement and accompanying prospectus relating to the
public offering will be filed with the SEC and may be accessed for
free through the SEC’s website at www.sec.gov. When available,
copies of the final prospectus supplement and the accompanying
prospectus relating to the public offering may also be obtained
from: BofA Securities, Attention: Prospectus Department,
NC1-0220-02-24, 201 North Tryon Street, Charlotte, North Carolina
28255-0001, or via email: dg.prospectus_requests@bofa.com;
Jefferies LLC, Attention: Equity Syndicate Department, 520 Madison
Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by
email at Prospectus_Department@Jefferies.com; Stifel, Nicolaus
& Company, Incorporated, One Montgomery Street, Suite 3700, San
Francisco, CA 94104, Attn: Syndicate, or by phone at (415)
364-2720, or by email at syndprospectus@stifel.com; or Guggenheim
Securities, LLC, Attention: Equity Syndicate Department, 330
Madison Avenue, New York, NY 10017, by telephone at (212) 518-9544,
or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
The shares of non-voting common stock to be sold
in the concurrent private placement have not been registered under
the Securities Act or under any state securities laws and, unless
so registered may not be offered or sold in the United States
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
applicable state securities laws.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy, nor will there be any
sale of these securities in any state or other jurisdiction in
which such offer, solicitation, or sale would be unlawful before
registration or qualification under the securities laws of that
state or jurisdiction.
About IGM Biosciences, Inc.IGM
Biosciences is a clinical-stage biotechnology company committed to
developing and delivering a new class of medicines to treat
patients with cancer, autoimmune and inflammatory diseases and
infectious diseases. IGM’s pipeline of clinical and preclinical
assets is based on the IgM antibody, which has 10 binding sites
compared to conventional IgG antibodies with only 2 binding sites.
IGM also has an exclusive worldwide collaboration agreement with
Sanofi to create, develop, manufacture, and commercialize IgM
antibody agonists against oncology and immunology and inflammation
targets.
IGM Cautionary Note Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements within the meaning of the federal
securities laws. These statements are not based on historical fact
and include, but are not limited to, the expected closing of the
public offering and concurrent private placement. Forward-looking
statements are based on management's current expectations of future
events and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from those set
forth in or implied by such statements. These risks and
uncertainties include, but are not limited to, the final terms of
the public offering and the concurrent private placement, the
satisfaction of customary closing conditions, prevailing market
conditions and the impact of general economic, industry or
political conditions in the United States or internationally.
Additional risks and uncertainties, and other important factors,
any of which could cause IGM’s actual results to differ from those
contained in the forward-looking statements, can be found under the
heading “Risk Factors” in IGM’s reports filed with the SEC, in the
preliminary prospectus supplement and accompanying prospectus
relating to the public offering. IGM assumes no duty or obligation
to update or revise any forward-looking statements for any
reason.
IGM Biosciences Contact:
Argot PartnersDavid
Pitts212-600-1902igmbio@argotpartners.com
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