On May 10, 2024 iTeos Therapeutics, Inc. (Nasdaq: ITOS) ("iTeos"), a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-oncology therapeutics for patients, reported that it has entered into a securities purchase agreement to sell 1,142,857 shares of the Company’s common stock (the "Common Stock") at a price of $17.50 per share, representing a premium of approximately 44% to iTeos’ closing price on May 9, 2024 and pre-funded warrants to purchase up to 5,714,285 shares of the Common Stock (the "Pre-Funded Warrants") at a price of $17.499 per pre-funded warrant, in a registered direct offering (Press release, iTeos Therapeutics, MAY 10, 2024, View Source [SID1234643089]). Each pre-funded warrant will have an exercise price of $0.001 per share, will be exercisable immediately, and will be exercisable until exercised in full. The aggregate gross proceeds from the offering are expected to be approximately $120 million, before deducting offering expenses payable by iTeos. The financing is expected to close on or about May 14, 2024, subject to the satisfaction of customary closing conditions.
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The financing is being led by existing investors, RA Capital Management and Boxer Capital.
iTeos expects to use net proceeds from the financing to advance its clinical programs and preclinical pipeline, and for working capital and other general corporate purposes.
The shares of Common Stock, Pre-Funded Warrants and the shares of Common Stock issuable upon the exercise of the Pre-Funded Warrants were offered pursuant to an effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (the "SEC") on May 10, 2023 (File No. 333-271793) and was declared effective on May 19, 2023. A final prospectus supplement containing additional information relating to the offering, will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.
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.