ROCKVILLE, MD, Feb. 12, 2019 (GLOBE NEWSWIRE) --
MacroGenics, Inc. (Nasdaq: MGNX), a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer, today announced the pricing of an underwritten public offering of 5,500,000 shares of its common stock at a public offering price of $20.00 per share, before underwriting discounts and commissions. In addition, MacroGenics has granted the underwriters a 30-day option to purchase up to an additional 825,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
SVB Leerink, Evercore ISI, Credit Suisse and Stifel are acting as joint book-running managers of the proposed offering. Nomura, SunTrust Robinson Humphrey and BTIG are acting as lead managers and H.C. Wainwright & Co. is acting as co-manager. The offering is expected to close on or about February 15, 2019, subject to customary closing conditions.
MacroGenics anticipates the total gross proceeds from the offering (before deducting underwriters’ discounts and commissions and estimated offering expenses) will be approximately $110 million, excluding any exercise of the underwriters’ option to purchase additional shares. MacroGenics intends to use the proceeds of this offering, together with its existing cash, cash equivalents and marketable securities, for general corporate purposes and working capital needs consistent with MacroGenics’ business plan which would include, but would not be limited to: (i) potential funding of activities in preparation for the potential regulatory approval and marketing of margetuximab in the U.S.; (ii) potential late-stage development of enoblituzumab for the treatment of B7-H3 positive cancers, potentially including squamous cell carcinoma of the head and neck, non-small cell lung cancer, and others; (iii) potential development of margetuximab in combination with MGA012 for the treatment of gastric cancer; (iv) continued development of immune checkpoint-based DART® product candidates; (v) further investment in the development of current pipeline programs as they continue to mature; (vi) other research and development programs; and (vii) in-licensing or acquiring other products or technologies.
The shares are being offered by MacroGenics pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC and is available on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to these securities may also be obtained by contacting one of the following: SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at 800-808-7525, ext. 6132 or by email at syndicate@svbleerink.com; or from Evercore Group L.L.C. at Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.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 sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Cautionary Note on Forward-Looking Statements
Any statements in this press release about prospective financings, future expectations, plans and prospects for the Company, including statements about the Company's strategy, future operations, clinical development of the Company's therapeutic candidates, milestone or opt-in payments from the Company's collaborators, the Company's anticipated milestones and future expectations and plans and prospects for the Company and other statements containing the words "subject to", "believe", "anticipate", "plan", "expect", "intend", "estimate", "project", "may", "will", "should", "would", "could", "can", the negatives thereof, variations thereon and similar expressions, or by discussions of strategy constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and enrollment of future clinical trials, expectations of expanding ongoing clinical trials, availability and timing of data from ongoing clinical trials, expectations for regulatory approvals, market and other financing conditions, other matters that could affect the availability or commercial potential of the Company's product candidates and other risks described in the Company's filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's views only as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.
About MacroGenics, Inc.
MacroGenics is a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer. The Company generates its pipeline of product candidates primarily from its proprietary suite of next-generation antibody-based technology platforms, which have applicability across broad therapeutic domains. MacroGenics, the MacroGenics logo and DART are trademarks or registered trademarks of MacroGenics, Inc.