By Adriano Marchese
Shares of ImmunityBio fell in premarket trading Wednesday after saying it intends to launch a public offering to fund the commercialization of its bladder cancer drug.
Shares traded 18% lower ahead of the morning bell at $3.86.
The immunotherapy company said it intends to offer and sell common shares in an underwritten public offering, and that it will also grant its underwriters the option to purchase an additional 15%.
ImmunityBio said the net proceeds will help progress its continued commercialization of Anktiva, its drug used to treat non-muscle invasive bladder cancer. It said the funds will also be used to further its research and development as well as working capital needs.
Additionally, the company said that Nant Capital agreed to convert all principal promissory notes worth $230 million into 116.6 million shares of the company as well as to restructure the remaining $505 million note due at the end of 2027.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 11, 2024 06:34 ET (11:34 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments