On September 28, 2023 Vaccinex, Inc. (Nasdaq: VCNX) ("Vaccinex" or the "Company"), a clinical-stage biotechnology company pioneering a differentiated approach to treating neurodegenerative disease and cancer through the inhibition of SEMA4D, reported that it has entered into securities purchase agreements with healthcare focused institutional investors along-side significant participation from an entity affiliated with the Chairman of the Company’s Board of Directors, and existing investors of the Company for the purchase and sale of 9,600,000 shares of the Company’s common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to 9,600,000 shares of common stock at a purchase price per share (and accompanying warrant) of $1.00 in its "reasonable best efforts" public offering (Press release, Vaccinex, SEP 28, 2023, View Source [SID1234635504]). The warrants will have an exercise price of $1.00 per share, will be immediately exercisable and will expire five years from the initial exercise date.
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The closing of the offering is expected to occur on or about October 3, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $9.6 million. The Company intends to use the net proceeds from the offering to fund the ongoing development and clinical trials of its lead drug candidate, pepinemab, in Alzheimer’s disease and cancer and for working capital and other general corporate purposes.
A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.
The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-274520) previously filed with the Securities and Exchange Commission (SEC) which became effective on September 28, 2023. The offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the offering may be obtained on the SEC’s website located at View Source Electronic copies of the final prospectus relating to the offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction.