REG-Arix Bioscience PLC Portfolio company Harpoon Therapeutics announces up to $150 million private placement

Arix BioscienceAnnouncement

24/10/2023 07:00

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   Arix Bioscience PLC (ARIX)
   Portfolio company Harpoon Therapeutics announces up to $150 million
   private placement

   24-Oct-2023 / 07:00 GMT/BST

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                              Arix Bioscience plc

                                        

      Portfolio company Harpoon Therapeutics announces up to $150 million
                               private placement

    

   LONDON, 24 October  2023: Arix  Bioscience plc (“Arix”  or the  “Company”)
   (LSE: ARIX), a transatlantic venture capital company focused on  investing
   in breakthrough  biotechnology companies,  notes that  its Core  Portfolio
   company, Harpoon Therapeutics  (“Harpoon”), has announced  it has  entered
   into a securities  purchase agreement  for a private  placement in  public
   equity (“PIPE”)  financing that  is expected  to result  in upfront  gross
   proceeds  of  approximately  $100  million,  with  up  to  an   additional
   approximately  $50  million  of  gross  proceeds  upon  cash  exercise  of
   warrants, before deducting placement agent fees and offering expenses.

    

   The PIPE financing was led by a leading biotechnology investor  associated
   with one of  the largest  alternative asset  managers, with  participation
   from new  and  existing  investors  including  Soleus  Capital,  Commodore
   Capital, New Leaf Venture Partners, Cormorant Asset Management, RA Capital
   Management,   Invus,   Surveyor   Capital   (a   Citadel   company),    K2
   HealthVentures, Ally Bridge Group, Lion Point Capital, and a large  mutual
   fund.

    

   Arix’s holding value will continue to be determined by the market price of
   Harpoon’s shares.

    

   Harpoon intends to use the net  proceeds to fund its clinical  development
   programs  from  its  platforms,  including  ongoing  as  well  as   future
   late-stage clinical studies of HPN328. The proceeds will also be used  for
   working capital  and  other  general  corporate  purposes.  The  aggregate
   proceeds  from  this  financing,  combined  with  current  cash  and  cash
   equivalents, are expected to be  sufficient to fund the current  operating
   plan into 2026.

    

   Robert Lyne, CEO of  Arix, stated: “Following  the announcement of  strong
   data  sets  across  Harpoon’s  best-in-class  immunotherapy  pipeline,  we
   welcome this  private  placement alongside  the  addition of  quality  new
   investors on the register. This placement represents an additional vote of
   confidence by  these  new  and existing  investors,  further  underpinning
   Harpoon with a strong cash runway going into 2026.” 

    

   The full text from Harpoon’s announcement is reproduced below, and can  be
   accessed on Harpoon Therapeutics’ website at:  1 www.harpoontx.com.  

    

                                      ENDS 

    

   Enquiries

   For more information on Arix, please contact:

    

   Arix Bioscience plc

   +44 (0)20 7290 1050

   ir 2 @arixbioscience.com

    

   Powerscourt Group

   Sarah MacLeod, Ibrahim Khalil, Nick Johnson

   +44 (0)20 7250 1446

    3 arix@powerscourt-group.com

    

   About Arix Bioscience plc

   Arix Bioscience plc is a transatlantic venture capital company focused  on
   investing in  breakthrough  biotechnology  companies  around  cutting-edge
   advances in life sciences.

    

   We collaborate  with exceptional  entrepreneurs and  provide the  capital,
   expertise, and  global  networks  to  help  accelerate  their  ideas  into
   important new treatments for patients. As a listed company, we are able to
   bring this exciting  growth phase of  our industry to  a broader range  of
   investors.  4 www.arixbioscience.com

    

                      Harpoon Therapeutics Press Release:

                                        

      HARPOON THERAPEUTICS ANNOUNCES UP TO $150 MILLION PRIVATE PLACEMENT

    

   SOUTH SAN  FRANCISCO, Calif., Oct.  23, 2023 (GLOBE  NEWSWIRE)  -- Harpoon
   Therapeutics,  Inc. (NASDAQ:  HARP)  (the  “Company”),  a   clinical-stage
   immunotherapy company developing  novel T cell  engagers, today  announced
   that it has  entered into a  securities purchase agreement  for a  private
   placement in public equity (“PIPE”)  financing that is expected to  result
   in upfront gross  proceeds of  approximately $100 million, with  up to  an
   additional approximately $50 million of gross proceeds upon cash  exercise
   of warrants, before deducting placement agent fees and offering  expenses.
   The PIPE financing was led by a leading biotechnology investor  associated
   with one of  the largest  alternative asset  managers, with  participation
   from  new  and  existing  investors  including Soleus   Capital, Commodore
   Capital, New Leaf Venture Partners, Cormorant Asset Management, RA Capital
   Management, Invus, Surveyor        Capital (a Citadel company),         K2
   HealthVentures, Ally Bridge Group, Lion Point Capital, and a large  mutual
   fund.

    

   Pursuant to terms of the securities purchase agreement, at the closing  of
   the financing, the Company will issue an aggregate of 17,167,350 shares of
   its common stock (or pre-funded warrants in lieu thereof) and accompanying
   warrants to purchase up to an aggregate of 8,583,675 shares of its  common
   stock, at a combined purchase price of $5.8345 per share and  accompanying
   warrant. Each full warrant will represent the right to purchase one  share
   of the Company’s common stock  at an exercise price of $5.8345 per  share.
   In lieu  of  shares of  common  stock, certain  investors  are  purchasing
   pre-funded warrants at a combined purchase price of $5.8344 per share  and
   accompanying warrant, which equals the purchase price per share of  common
   stock and accompanying warrant, less the $0.0001 per share exercise  price
   of each pre-funded.  The accompanying  warrants will  be exercisable  upon
   issuance for a period of three  years following the date of issuance.  The
   accompanying warrants are only exercisable in cash. The PIPE financing  is
   being conducted in accordance with applicable Nasdaq rules and was  priced
   in accordance  with the  “Minimum  Price” requirement  as defined  in  the
   Nasdaq rules. The PIPE financing is expected to close on or  about October
   25, 2023, subject to satisfaction of customary closing conditions.

    

   The Company  intends  to  use  the  net  proceeds  to  fund  its  clinical
   development programs  from its  platforms, including  ongoing as  well  as
   future late-stage clinical studies  of HPN328. The  proceeds will also  be
   used for  working  capital  and  other  general  corporate  purposes.  The
   aggregate proceeds from  this financing,  combined with  current cash  and
   cash equivalents,  are  expected to  be  sufficient to  fund  the  current
   operating plan into 2026.

    

   TD Cowen is  acting as the  lead placement agent  for the PIPE  financing.
   Canaccord Genuity and H.C. Wainwright &  Co. are also acting as  placement
   agents for the PIPE financing.

    

   The offer  and  sale of  the  foregoing securities  are  being made  in  a
   transaction not involving a public  offering, and the securities have  not
   been registered  under  the  Securities  Act  of  1933,  as  amended  (the
   “Securities Act”), or applicable  state securities laws. Accordingly,  the
   securities may  not be  reoffered or  resold in the  United  States except
   pursuant to an effective registration statement or an applicable exemption
   from  the  registration  requirements  of  the  Securities  Act  and  such
   applicable state securities laws.

    

   This  press  release  does  not  constitute  an  offer  to  sell  or   the
   solicitation of an  offer to buy  the securities, nor  shall there be  any
   sale of the securities in any  state in which such offer, solicitation  or
   sale would be unlawful  prior to the  registration or qualification  under
   the securities laws of such state.

    

   About Harpoon Therapeutics  

   Harpoon Therapeutics is a clinical-stage immunotherapy company  developing
   a novel class  of T cell  engagers that  harness the power  of the  body’s
   immune system to treat patients suffering from cancer and other  diseases.
   T cell engagers  are engineered  proteins that  direct a  patient’s own  T
   cells to kill target  cells that express  specific proteins, or  antigens,
   carried by the target  cells. Using its proprietary  Tri- specific T  cell
   Activating Construct (TriTAC®) platform, Harpoon is developing a  pipeline
   of novel TriTACs initially  focused on the treatment  of solid tumors  and
   hematologic  malignancies.  Harpoon  has  also  developed  a   proprietary
   ProTriTAC™ platform,  which  applies  a  prodrug  concept  to  its  TriTAC
   platform to  create a  therapeutic T  cell engager  that remains  inactive
   until  it  reaches  the  tumor.  Harpoon’s  third  proprietary  technology
   platform, extended  release TriTAC-XR,  is designed  to mitigate  cytokine
   release syndrome. For  additional information about Harpoon  Therapeutics,
   please visit  5 www.harpoontx.com.

    

   Cautionary Note Regarding Forward-Looking Statements

   Any  statements  in  this  press   release  about  the  Company’s   future
   expectations, plans  and  prospects,  as  well  as  any  other  statements
   regarding  matters  that   are  not  historical   facts,  may   constitute
   “forward-looking statements” within the meaning of the Private  Securities
   Litigation Reform Act of  1995. Such statements are  subject to risks  and
   uncertainties  and  actual  results  may  differ  materially  from   those
   expressed or implied by  such forward-looking statements. Such  statements
   include, but are not limited  to, statements associated with the  intended
   use  of  net  proceeds  from  the  PIPE  financing,  the  Company’s   cash
   sufficiency and runway, expected timing  of closing of the PIPE  financing
   and the completion of the PIPE financing, and other statements  containing
   the words “anticipates,” “believes,” “expects,” “intends,” “plans,” “will”
   and  similar  expressions.  You  should   not  place  undue  reliance   on
   forward-looking statements because they  involve known and unknown  risks,
   uncertainties, and assumptions that are difficult or impossible to predict
   and, in some  cases, beyond the  Company’s control. These  forward-looking
   statements are based upon the  Company’s current expectations and  involve
   assumptions that  may never  materialize  or may  prove to  be  incorrect.
   Actual results and the timing of events could differ materially from those
   anticipated in  such forward-looking  statements as  a result  of  various
   risks  and  uncertainties,  which   include,  without  limitation,   risks
   associated with market conditions. These and other risks are described  in
   additional detail in  the Company’s filings  with the U.S. Securities  and
   Exchange Commission (SEC).  All  forward-looking statements  contained  in
   this press  release speak  only as  of the  date hereof,  and the  Company
   specifically  disclaims  any  obligation  to  update  any  forward-looking
   statement, whether because of new information, future events or otherwise.

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BD045071
   Category Code:  MSCM
   TIDM:           ARIX
   LEI Code:       213800OVT3AHQCXNIX43
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   279941
   EQS News ID:    1755445


    
   End of Announcement EQS News Service

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References

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