On December 28, 2020 Gritstone Oncology, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company developing the next generation of cancer immunotherapies to fight multiple cancer types, reported the closing of the previously announced $110 million private investment in public equity (PIPE) financing, as well as a newly executed PIPE financing for an additional $15 million in gross proceeds resulting from the sale of shares of its common stock at a price per share of $3.71 (Press release, Gritstone Oncology, DEC 28, 2020, View Source [SID1234573686]). Gross proceeds from the two PIPE financings total $125 million, before deducting placement agent fees and offering expenses. The PIPE financings are supported by a consortium of high quality new and existing institutional investors with expertise in health care, including Redmile Group, Avidity Partners, EcoR1 Capital, BVF Partners L.P. and Versant Ventures.

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The newly executed PIPE financing is subject to customary closing conditions and is expected to close on December 30, 2020, and was done in compliance with applicable Nasdaq rules and priced at the "Minimum Price" (as defined in the Nasdaq rules). Cowen served as the sole placement agent for each of the PIPE financings.

The securities sold in these private placements have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Gritstone has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock issued in these private placements.

This press release shall not constitute an offer to sell or a 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.