- Financing improves the company’s balance sheet and provides
$200 million of capital, as follows:
- Exchange of $270 million of debt held by Nant Entities into
ImmunityBio equity resulting in deleveraging of the Company’s
balance sheet
- $200 million of a new 3-year term debt financing from Nant
Capital convertible at a 50 percent premium to provide capital
sufficient to support the Company’s ongoing operations and
pre-commercialization activities through the anticipated potential
FDA approval of Anktiva for BCG-unresponsive bladder cancer
- Extension of nearest term current debt maturities to December
31, 2024
ImmunityBio, Inc. (NASDAQ: IBRX), a clinical-stage immunotherapy
company, today announced that it has executed financing
transactions resulting in approximately $200 million of proceeds to
the Company through a financing including an exchange into equity
of current debt and a new convertible debt instrument from Nant
Capital, LLC, an entity affiliated with Dr. Patrick Soon-Shiong,
the Company’s Founder, Executive Chairman and Global Chief
Scientific and Medical Officer. With this new financing from Dr.
Soon-Shiong, including the extension of the maturity date of
current debt, ImmunityBio believes that it is well-positioned to
fund its ongoing business operations and pre-commercialization
efforts as it continues to drive toward a potential regulatory
approval of N-803 plus BCG for BCG-unresponsive non-muscle invasive
bladder cancer.
The new $200 million convertible note with Nant Capital has a
three-year term and is convertible into shares of ImmunityBio
common stock at a conversion price of a fifty percent (50%) premium
over the closing market price immediately preceding the date of the
note.
In addition, the financing transactions restructure the
Company’s existing debt obligations with the Nant entities,
including an extension of the nearest term debt maturities by one
year to December 2024.
Further, ImmunityBio executed a stock purchase agreement
pursuant to which all of the outstanding fixed-rate promissory
notes held by Nant Capital and certain other Nant entities,
representing approximately $270 million in aggregate principal
amount and accrued and unpaid interest as of September 8, 2023,
were exchanged for ImmunityBio common stock, based on the closing
stock price on September 8, 2023.
“Our Company, scientists, physicians and Board are grateful to
Dr. Soon-Shiong for his continued financial support of our Company
and its important mission, as well as for his involvement in our
day-to-day operations,” said Richard Adcock, Chief Executive
Officer and President of ImmunityBio. “With this additional
financing, we are well positioned to execute on our
commercialization plans in anticipation of the approval of N-803
plus BCG in bladder cancer. This funding will also help support the
planned expansion of our current clinical trials and the opening of
new studies to explore the untapped potential of N-803 and our
other platforms across multiple indications.”
“I remain fully committed to ImmunityBio’s mission and to
ensuring the company has the resources it needs to achieve its
goals and be successful,” said Patrick Soon-Shiong, M.D., Executive
Chairman and Global Chief Scientific and Medical Officer of
ImmunityBio. “As a scientist and physician, I believe in the
science behind our therapeutics and look forward to continuing to
work with our team members through this critical stage in our
Company’s evolution. ImmunityBio has taken on the enormous
challenge of transforming the current approaches of cancer care and
even preventing the onset of cancer, by activating the patient’s
own immune system and developing a NANT cancer vaccine (NCV). The
company is unique in that it owns the multiple immunotherapy
platforms needed to orchestrate the trifecta approach (NK, T cell
and Dendritic cell activation) to accomplish this vaccine, and that
these unencumbered molecules and cell therapies are all at various
stages of clinical trials. We recognize the enormity of such a
challenge and this investment will enable the scientists and
physicians to pursue the goal of potentially curing cancer in our
lifetime.”
About ImmunityBio
ImmunityBio is a vertically-integrated, clinical-stage
biotechnology company developing next-generation therapies and
vaccines that bolster the natural immune system to defeat cancers
and infectious diseases. The company’s range of immunotherapy and
cell therapy platforms, alone and together, act to drive and
sustain an immune response with the goal of creating durable and
safe protection against disease. We are applying our science and
platforms to treating cancers, including the development of
potential cancer vaccines, as well as developing immunotherapies
and cell therapies that we believe sharply reduce or eliminate the
need for standard high-dose chemotherapy. These platforms and their
associated product candidates are designed to be more effective,
accessible, and easily administered than current standards of care
in oncology and infectious diseases.
For more information, please visit: www.immunitybio.com
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, such as statements regarding the financing transactions
described herein and use of proceeds to be received from such
financing, the regulatory submission and review process and timing
thereof, the Company’s commercialization strategy for N-803 for
intravesical administration, the potential of ImmunityBio’s
investigational agents as compared to existing treatment options,
and development of therapeutics for cancers and infectious
diseases, among others. Statements in this press release that are
not statements of historical fact are considered forward-looking
statements, which are usually identified by the use of words such
as “anticipates,” “believes,” “continues,” “goal,” “could,”
“estimates,” “scheduled,” “expects,” “intends,” “may,” “plans,”
“potential,” “predicts,” “indicate,” “projects,” “seeks,” “should,”
“will,” “strategy,” and variations of such words or similar
expressions. Statements of past performance, efforts, or results of
our preclinical and clinical trials, about which inferences or
assumptions may be made, can also be forward-looking statements and
are not indicative of future performance or results.
Forward-looking statements are neither forecasts, promises nor
guarantees, and are based on the current beliefs of ImmunityBio’s
management as well as assumptions made by and information currently
available to ImmunityBio. Such information may be limited or
incomplete, and ImmunityBio’s statements should not be read to
indicate that it has conducted a thorough inquiry into, or review
of, all potentially available relevant information. Such statements
reflect the current views of ImmunityBio with respect to future
events and are subject to known and unknown risks, including
business, regulatory, economic and competitive risks,
uncertainties, contingencies and assumptions about ImmunityBio,
including, without limitation, (i) the risks and uncertainties
associated with the regulatory review process, (ii) the ability of
ImmunityBio and its third party contract manufacturing
organizations to adequately address the issues raised in the FDA’s
complete response letter, (iii) the ability of ImmunityBio to
execute a partnering relationship with a large biopharmaceutical
company for commercialization of N-803 plus BCG for intravesical
administration on acceptable terms, if at all, (iv) the ability of
ImmunityBio to continue its planned preclinical and clinical
development of its development programs, and the timing and success
of any such continued preclinical and clinical development and
planned regulatory submissions, (v) ImmunityBio’s ability to retain
and hire key personnel, (vi) ImmunityBio’s need and ability to
obtain additional financing to fund its operations and complete the
development and commercialization of its various product
candidates, (vii) ImmunityBio’s ability to successfully
commercialize its product candidates and uncertainties around
regulatory reviews and approvals, (viii) ImmunityBio’s ability to
scale its manufacturing and commercial supply operations for its
product candidates and future approved products, and (ix)
ImmunityBio’s ability to obtain, maintain, protect and enforce
patent protection and other proprietary rights for its product
candidates and technologies. More details about these and other
risks that may impact ImmunityBio’s business are described under
the heading “Risk Factors” in the Company’s Form 10-K filed with
the U.S. Securities and Exchange Commission (“SEC”) on March 1,
2023 and the Company’s Form 10-Q filed with the SEC on August 8,
2023, and in subsequent filings made by ImmunityBio with the SEC,
which are available on the SEC’s website at www.sec.gov.
ImmunityBio cautions you not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof.
ImmunityBio does not undertake any duty to update any
forward-looking statement or other information in this press
release, except to the extent required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230911111993/en/
Investors Sarah Singleton ImmunityBio, Inc.
844-696-5235, Option 5 Sarah.Singleton@ImmunityBio.com
Media Greg Tenor Salutem +1 717-919-6794
Gregory.Tenor@Salutem.com
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