On July 14, 2021 INmune Bio, Inc. (NASDAQ: INMB) (the "Company" or "INmune Bio"), a clinical-stage immunology company focused on developing treatments that harness a patient’s innate immune system to fight disease, reported that it has entered into a definitive agreement with one healthcare focused institutional investor and one family office for the purchase and sale of 1,818,182 shares of its common stock at a price of $22.00 per share for gross proceeds of approximately $40 million in a registered direct offering (Press release, INmune Bio, JUL 14, 2021, View Source [SID1234584841]). The closing of the offering is expected to occur on or about July 16, 2021, subject to the satisfaction of customary closing conditions.
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A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.
INmune Bio intends to use the net proceeds from this offering for working capital and general corporate purposes and to advance the development of its product candidates and expand its pipeline. This includes the completion and data readout from the Company’s planned Phase 2 clinical trial of its lead clinical candidate, XPro1595, in patients suffering from Alzheimer’s disease, which is expected to commence by the end of 2021. "With this investment, we expect the Company’s Phase II program in Alzheimer’s disease is completely funded" said RJ Tesi MD, CEO of Inmune Bio.
The securities described above will be offered by the Company pursuant to an effective "shelf" registration statement on Form S-3 (File No. 333-254221) previously filed with the Securities and Exchange Commission (the "SEC") on March 12, 2021 and declared effective by the SEC on May 5, 2021. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the offering will be filed with the SEC. Electronic copies of the prospectus supplement 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 does 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 state or 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 jurisdiction.