ImmunityBio raises $80 million from institutional investors

ImmunityBio Inc. (NASDAQ: IBRX) announced it has executed a securities purchase agreement for a registered direct offering with two institutional investors that is expected to result in gross proceeds of approximately $80 million before deducting placement agent fees and other offering-related expenses.

The biotechnology company will issue common stock and warrants for the purchase of additional shares. If the warrants are fully exercised, they could result in additional gross proceeds of up to approximately $96 million, according to the company's statement.

Piper Sandler & Co. is serving as the exclusive placement agent for the registered direct offering. The transaction is subject to customary closing conditions.

The company stated the financing will provide working capital and support ongoing business operations. ImmunityBio is offering the securities under its automatic shelf registration statement on Form S-3.

ImmunityBio develops immunotherapy treatments for cancer and infectious diseases. The company's ANKTIVA product received FDA approval as an immunotherapy for non-muscle invasive bladder cancer and has been designated an FDA Breakthrough Therapy.

A final prospectus supplement containing additional information about the offering will be filed with the Securities and Exchange Commission and made available on the SEC's website.

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