SAN DIEGO, Feb. 22, 2022 /PRNewswire/ -- Inhibrx, Inc.
(Nasdaq: INBX), a biotechnology company with four clinical programs
in development and a strong emerging pipeline, today announced
that it has amended its loan and security agreement with Oxford
Finance LLC ("Oxford").
"This amendment further strengthens our balance sheet in a
volatile equity market and provides us with additional non-dilutive
capital and flexibility as we continue to advance our pipeline and
prepare for potential commercialization," said Kelly Deck, Chief Financial Officer of Inhibrx.
"Oxford has been a supportive partner throughout our evolution and
transformation as a company and we are pleased to expand the
relationship."
The amendment provides for four additional tranches of term
loans for up to an additional $130 million as follows:
- $40 million principal amount
funded upon the closing of the amendment;
- $30 million, funded upon
initiation of Part 4 of the Phase 1 clinical trial of INBRX-105,
our PD-L1x4-1BB tetravalent conditional agonist;
- $30 million, funded upon the
receipt of positive topline data from the Phase 1 clinical trial of
INBRX-101, our AAT-Fc fusion protein for the treatment of Alpha-1
antitrypsin deficiency, or AATD; and
- $30 million, funded upon the
initiation of a potential registration-enabling clinical trial of
INBRX-101.
The terms of the three existing tranches under the loan
agreement were modified to align with the four additional tranches.
The outstanding term loans will mature in January 2027 and bear interest at 8.19% plus the
greater of (i) the 30-day U.S. Dollar LIBOR rate reported in the
Wall Street Journal or (ii) 0.11%. The repayment schedule provides
for interest-only payments until March
2025 with a potential 12-month extension as defined in the
agreement. A final payment of 9.0% of the total principal amount
will be due to Oxford.
In accordance with the amendment, Inhibrx paid a one-time
amendment fee of $1.1 million,
which is equal to the amount accreted for the final payment on the
existing tranches at the time of the amendment. Inhibrx also issued
to Oxford warrants to purchase 40,000 shares of Inhibrx's common
stock at a strike price of $45.00 per
share. All other terms remain outstanding.
About Inhibrx, Inc.
Inhibrx is a clinical-stage biotechnology company focused on
developing a broad pipeline of novel biologic therapeutic
candidates in oncology and orphan diseases. Inhibrx utilizes
diverse methods of protein engineering to address the specific
requirements of complex target and disease biology, including its
proprietary sdAb platform. Inhibrx has collaborations with 2seventy
bio (formerly bluebird bio), Bristol-Myers Squibb and Chiesi, among
others. For more information, please visit www.inhibrx.com.
Forward-Looking Statements
Inhibrx cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. These statements are based on Inhibrx's
current beliefs and expectations. These forward-looking statements
include, but are not limited to, statements regarding: future
clinical development of Inhibrx's therapeutic candidates, including
statements regarding the timing of future data readouts and the
commencement of registration-enabling studies, evaluations and
judgments regarding Inhibrx's cash position and balance sheet, and
statements and judgements regarding its partnership and
relationship with Oxford. Actual results may differ from those set
forth in this press release due to the risks and uncertainties
inherent in Inhibrx's business, including, without limitation,
risks and uncertainties regarding: the initiation, timing, progress
and results of its preclinical studies and clinical trials, and its
research and development programs; its ability to advance
therapeutic candidates into, and successfully complete, clinical
trials; its interpretation of initial, interim or preliminary data
from its clinical trials, including interpretations regarding
disease control and disease response; the timing or likelihood of
regulatory filings and approvals; the successful commercialization
of its therapeutic candidates, if approved; the pricing, coverage
and reimbursement of its therapeutic candidates, if approved; its
ability to utilize its technology platform to generate and advance
additional therapeutic candidates; the implementation of its
business model and strategic plans for its business and therapeutic
candidates; its ability to successfully manufacture therapeutic
candidates for clinical trials and commercial use, if approved; its
ability to contract with third-party suppliers and manufacturers
and their ability to perform adequately; the scope of protection it
is able to establish and maintain for intellectual property rights
covering its therapeutic candidates; its ability to enter into
strategic partnerships and the potential benefits of these
partnerships; its estimates regarding expenses, capital
requirements and needs for additional financing and financial
performance; its expectations regarding the impact of the COVID-19
pandemic on its business; and other risks described from time to
time in the "Risk Factors" section of its filings with the U.S.
Securities and Exchange Commission, or the SEC, including those
described in its Annual Report on Form 10-K for the year ended
December 31, 2020 as filed with the
SEC on March 12, 2021, as well as its
Quarterly Reports on Form 10-Q, and supplemented from time to time
by its Current Reports on Form 8-K. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof, and Inhibrx undertakes no
obligation to update these statements to reflect events that occur
or circumstances that exist after the date hereof. All
forward-looking statements are qualified in their entirety by this
cautionary statement, which is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Investor and Media Contact:
Kelly Deck, CFO
kelly@inhibrx.com
858-795-4260
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SOURCE Inhibrx Inc.