On February 20, 2024 Iovance Biotherapeutics, Inc. (Nasdaq: IOVA) ("Iovance" or "Company"), a biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte ("TIL") therapies for patients with cancer, reported the pricing of an underwritten offering of 23,014,000 shares of its common stock at an offering price of $9.15 per share (Press release, Iovance Biotherapeutics, FEB 20, 2024, View Source [SID1234640275]). The gross proceeds from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Iovance, are expected to be approximately $211 million. The offering is expected to close on or about February 22, 2024, subject to customary closing conditions.
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Iovance intends to use the proceeds from this offering to support the commercial launch of AMTAGVI, to fund ongoing clinical programs including its NSCLC registrational study, IOV-LUN-202, and its frontline advanced melanoma Phase 3 confirmatory trial, TILVANCE-301, to continue the development of its pipeline candidates, and for other general corporate purposes.
Jefferies LLC is acting as lead bookrunning manager and Barclays Capital Inc. and Goldman Sachs & Co. LLC are acting as bookrunning managers for the offering.
The shares of common stock described above are being offered by Iovance pursuant to its shelf registration statement on Form S-3 that became automatically effective upon filing with the Securities and Exchange Commission on June 16, 2023. The offering may be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York, 10022, by telephone at (877) 547-6340, or by email at [email protected], or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847 or by email at [email protected], or Goldman Sachs & Co. LLC by mail at 200 West Street, New York, 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at [email protected].
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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.