Arcus Biosciences Inc., of Hayward, Calif., said it launched a public offering of common stock and intends to grant underwriters a 30-day option to purchase up to an additional 15% of shares. The share price and number of shares have not yet been disclosed. Citigroup, SVB Leerink and Evercore Group LLC are acting as joint book-running managers for the proposed offering. Plans for the offering were announced the same day Arcus disclosed a potential $2 billion deal with Gilead Sciences Inc., of Foster City, Calif., targeting cancer immunotherapy. Shares of Arcus (NASDAQ:RCUS) closed May 28 at $28.21, up $1.16.
Arena Pharmaceuticals Inc., of San Diego, priced a public offering of 5.5 million shares at $50 per share for gross proceeds of $275 million. Arena granted underwriters a 30-day option to purchase up to an additional 825,000 shares. BofA Securities, Citigroup and SVB Leerink are acting as the joint book-running managers, while Credit Suisse and Cantor are also acting as book-running managers and JMP Securities and Needham & Co. are acting as co-managers for the offering, expected to close on June 1. Shares of Arena (NASDAQ:ARNA) closed May 28 at $55.75, down $2.39.
Argenx NV, of Breda, the Netherlands, priced a global offering of shares represented by American depository shares (ADSs) in the U.S. and certain other countries outside of the European Economic Area and a simultaneous private placement of ordinary shares in the European Economic Area. The company anticipates total gross proceeds of about $750 million (about €682.4 million) from the sale of about 2.6 million ADSs at a price of $205 per ADS and the sale of 1.1 million ordinary shares at a price of €186.52 per ordinary share. The U.S. offering and the European private placement are currently expected to close simultaneously on June 1. In addition, Argenx has granted the underwriters of the offering a 30-day option to purchase up to 548,777 ordinary shares (which may be represented by ADSs). Shares of Argenx (NASDAQ:ARGX), which jumped 34% on positive phase III data testing efgartigimod in myasthenia gravis, closed May 28 at $211.68, down $1.94.
Axonis Therapeutics Inc., of Cambridge, Mass., said it closed the first tranche of a $4 million seed preferred financing, led by Kerry Murphy, an investor, philanthropist and Axonis board member. The funds will enable the company to conduct preclinical studies on its technology designed to reactivate spared neural tissue at the spinal cord injury site through up-modulation of the KCC2 protein activity. The second tranche of the financing will be provided following the company’s successful delivery of proof-of-concept data, expected in about one year. In addition to its work on the KCC2 protein, Axonis is working on PTEN inhibition to help regenerate nerve connections after injury. Both technologies were optioned or licensed from Boston Children’s Hospital.
Biocryst Pharmaceuticals Inc., of Research Triangle Park, N.C., priced a public offering of about 18.7 million shares at $4.50 apiece. It is also, and in lieu of common stock, offering to certain investors prefunded warrants to purchase up to an aggregate of about 3.5 million shares at a purchase price of $4.49 per prefunded warrant. The aggregate gross proceeds are expected to be $100 million. Biocryst also granted underwriters a 30-day option to purchase up to an additional 3.3 million. J.P. Morgan and Piper Sandler are acting as joint book-running managers, while H.C. Wainwright & Co. and JMP Securities are acting as lead managers for the offering, set to close June 1. Shares of Biocryst (NASDAQ:BCRX) closed May 28 at $4.50, down 54 cents.
Caladrius Biosciences Inc., of Basking Ridge, N.J., closed its sale of an aggregate of about 2.1 million shares of common stock to several institutional and accredited investors, priced at $2.0625 per share, in a registered direct offering priced at-the-market under Nasdaq rules. Under the agreement, Caladrius also issued to investors unregistered warrants to purchase up to an aggregate of about 1 million shares. H.C. Wainwright & Co. acted as the exclusive lead placement agent, while Brookline Capital Markets, a division of Arcadia Securities LLC, acted as co-placement agent. Gross proceeds totaled about $4.3 million and will be used for working capital and general corporate purposes, including the advancement of the company’s CD34+ technology-based clinical programs.
Genprex Inc., of Austin, Texas, said warrants to purchase about 5.4 million shares of common stock issued in connection with capital raises in May 2018 and November 2019 with two institutional investors have been exercised at a price of 46 cents per share, resulting in cash proceeds of about $2.5 million. The additional capital from those recent warrant exercises brings the equity capital raised during 2020 to roughly $28 million. The company is advancing lead gene therapy candidate Oncoprex toward a planned clinical trial in combination with Tagrisso (osimertinib, Astrazeneca plc) in non-small-cell lung cancer. Shares of Genprex (NASDAQ:GNPX) closed May 28 at $2.77, up 12 cents.
Geron Corp., of Menlo Park, Calif., said it closed its public offering of about 107 million shares of common stock and prefunded warrants to purchase about 8.3 million shares, together with accompanying warrants to purchase about 57.7 million shares. Estimated net proceeds are expected to be about $140 million. Geron intends to use the net proceeds to fund its ongoing IMerge phase III trial in lower-risk myelodysplastic syndromes to top-line results, its planned phase III trial in refractory myelofibrosis to complete patient enrollment, and for working capital and general corporate purposes.
Hemaflo Therapeutics Inc., of Carlsbad, Calif., said Venture.co Brokerage Services LLC will facilitate the $7.5 million capital raise for the firm’s phase I trial testing HFt-012, a drag-reducing polymer designed to increase blood flow through the kidneys. Hemaflo is developing the compound for acute kidney injury.
Iovance Biotherapeutics Inc., of San Carlos, Calif., said it intends to offer and sell $500 million in common stock, granting underwriters a 30-day option to purchase up to $75 million of additional shares. The number of shares and share price have not yet been disclosed. Iovance intends to use the proceeds to fund the expansion of its organization to support the potential commercial launch of lifileucel for advanced melanoma and LN-145 for advanced cervical cancer, to initiate a program directed at registration of Iovance’s tumor infiltrating lymphocyte therapies in non-small-cell lung cancer, to continue support of ongoing commercial manufacturing activities, and for the development of Iovance’s IL-2 analogue, IOV-3001, and for other general corporate purposes. Jefferies LLC and Goldman Sachs & Co. LLC are acting as joint lead book-running managers, while Wells Fargo Securities LLC is also serving as book-running manager. The company’s shares (NASDAQ:IOVA) closed May 28 at $32.66, down $5.43, or 14%.
Mersana Therapeutics Inc., of Cambridge, Mass., said it intends to offer and sell shares of its common stock in an underwritten public offering of 5 million shares. Mersana intends to grant underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. Net proceeds will be used to support clinical development of XMT-1536 and XMT-1592, to progress Mersana’s next antibody-drug conjugate (ADC) product candidates into phase I development, to progress Mersana’s early platform development and the balance to fund working capital, capital expenditures and other general corporate purposes. Cowen and SVB Leerink are acting as joint bookrunning managers. Shares of Mersana (NASDAQ:MRSN), which spiked 69% on May 27 on the back of positive phase I data for NaPi2b-targeting ADC MT-1536 in ovarian cancer and non-small-cell lung adenocarcinoma, closed May 28 at $19.69, up $1.50.
Viela Bio Inc., of Gaithersburg, Md., priced its public offering of 3.6 million shares at $47 apiece for gross proceeds of about $169 million. The company intends to use the net proceeds to support activities for the commercialization of inebilizumab for the treatment of neuromyelitis optica spectrum disorder, if approved; advance the ongoing clinical development of inebilizumab in other indications and of VIB-4920, VIB-7734 and other pipeline candidates; and for working capital and other general corporate purposes. Morgan Stanley, Goldman Sachs & Co. LLC, Cowen and Guggenheim Securities are acting as the joint book-running managers for the offering, expected to close on or about June 1. Shares of Viela Bio (NASDAQ:VIE) closed May 28 at $45.62, down $5.95.
Xbrane Biopharma AB, of Solna, Sweden, said its board resolved to carry out a directed issue of about 3.9 million shares, corresponding to about SEK146 million (US$15.4 million). The subscription price was determined to be SEK38 per share through an accelerated book-building procedure performed by Vator Securities AB.