Infinity Announces Proposed Public Offering of Common Stock
12 February 2021 - 8:01AM
Business Wire
Infinity Pharmaceuticals, Inc. (Nasdaq: INFI) (“Infinity” or the
“Company”), a clinical-stage biotechnology company developing
eganelisib, an oral, immuno-oncology macrophage reprogramming
therapeutic candidate, which is designed to address a fundamental
biologic mechanism of immune suppression in cancer, today announced
that it has commenced an underwritten public offering of its common
stock. In addition, the Company intends to grant the underwriters a
30-day option to purchase an additional 15% of the shares of its
common stock offered in the public offering on the same terms and
conditions. The offering is subject to market and other conditions
and there can be no assurances as to whether or when the offering
may be completed or as to the actual size or terms of the offering.
All of the shares in the offering will be sold by the Company.
Piper Sandler & Co. is acting as sole book-running manager
for the offering.
Infinity intends to use net proceeds from the offering for the
continued clinical development of eganelisib, for general corporate
purposes and for working capital.
The offering will be made pursuant to a “shelf” registration
statement on Form S-3 (File No. 333-230258) that became effective
with the Securities and Exchange Commission (the “SEC”) on April
29, 2019, the base prospectus contained therein and a prospectus
supplement. A preliminary prospectus supplement and accompanying
base prospectus relating to the offering and the shares of common
stock being offered will be filed with the SEC. Before you invest,
you should read the prospectus in the registration statement, the
preliminary prospectus supplement, and other documents the Company
has filed with the SEC for more complete information about the
Company and this offering. Copies of the registration statement,
the preliminary prospectus supplement and accompanying base
prospectus may be obtained, when available, on the SEC’s website at
http://www.sec.gov or, when available, by contacting: Piper Sandler
& Co., Attention: Prospectus Department, 800 Nicollet Mall,
J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or
by email at prospectus@psc.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any offer, solicitation, or sale of these securities in any
state or other jurisdiction in which such an offer, solicitation or
sale would be unlawful.
About Infinity and Eganelisib
Infinity is an innovative biopharmaceutical company dedicated to
advancing novel medicines for people with cancer. Infinity is
advancing eganelisib, a first-in-class, oral immuno-oncology
development candidate that selectively inhibits PI3K-gamma, in
multiple clinical studies. MARIO-275 is a global, randomized,
placebo-controlled combination study of eganelisib combined with
Opdivo® in I/O naïve urothelial cancer. MARIO-3 is the first
eganelisib combination study in front-line advanced cancer patients
and is evaluating eganelisib in combination with Tecentriq® and
Abraxane® in front-line TNBC and in combination with Tecentriq and
Avastin® in front-line RCC. In collaboration with Arcus
Biosciences, Infinity is evaluating a checkpoint inhibitor-free,
novel combination regimen of eganelisib plus etrumadenant (dual
adenosine receptor antagonist) plus Doxil® in advanced TNBC
patients. With these studies Infinity is evaluating eganelisib in
the anti-PD-1 refractory, I/O-naïve, and front-line settings. For
more information on Infinity, please refer to Infinity's website at
www.infi.com.
Tecentriq® is a registered trademark of Genentech, Inc. Avastin®
is a registered trademark of Genentech, Inc. Abraxane® is a
registered trademark of Abraxis BioScience, LLC, a wholly owned
subsidiary of Bristol Myers Squibb Company. Opdivo® is a registered
trademark of Bristol Myers Squibb. Doxil® is a registered trademark
of Baxter Healthcare Corporation.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Any statements that are not historical fact (including, but
not limited to statements that contain words such as “will,”
“believes,” “plans,” “anticipates,” “expects,” “estimates,” “may,”
and similar expressions) are forward-looking statements. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in these forward-looking
statements as a result of various important factors, including,
without limitation, risks and uncertainties related to whether or
not Infinity will be able to raise capital through the sale of
shares of common stock, the final terms of the proposed offering,
market and other conditions, the satisfaction of customary closing
conditions related to the proposed offering and the impact of
general economic, industry or political conditions in the United
States or internationally. There can be no assurance that Infinity
will be able to complete the proposed offering on the anticipated
terms, or at all. Additional risks and uncertainties relating to
the proposed offering, Infinity and its business can be found under
the caption “Risk Factors” in Infinity’s Annual Report on Form 10-K
for the year ended December 31, 2019 and Quarterly Report on Form
10-Q for the quarter ended September 30, 2020, each of which is on
file with the SEC; and risks described in other filings that
Infinity makes with the SEC in the future, including the
preliminary prospectus supplement to be filed with the SEC in
connection with the proposed offering. In addition, the extent to
which the COVID-19 outbreak continues to impact Infinity’s
workforce and its clinical trial operations activities, and the
operations of the third parties on which Infinity relies, will
depend on future developments, which are highly uncertain and
cannot be predicted with confidence, including the duration and
severity of the outbreak, additional or modified government
actions, and the actions that may be required to contain the virus
or treat its impact. Any forward-looking statements contained in
this press release speak only as of the date hereof, and Infinity
does not undertake and expressly disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or otherwise.
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Ashley Robinson LifeSci Advisors, LLC 617-775-5956
Infinity Pharmaceuticals (NASDAQ:INFI)
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