Inovio Pharma plumbs new lows on stock-and-warrants offering

Inovio Pharmaceuticals

13/12/2024 13:31

**  Shares of Inovio Pharmaceuticals  INO.O  down 31.1% to $2.59
premarket after highly-dilutive equity raise
** INO shares on Thurs hit record intraday low of $3.73 before
ending session down 6.6% at $3.76
** Plymouth Meeting, Pennsylvania-based firm early Fri announces
pricing 10 mln shares, along with warrants to buy additional 10
mln shares at $3 for $30 mln gross proceeds
** Warrants expire in 5 years and have exercise price of $3.76
** Co has ~26.1 mln shares outstanding for ~$98 mln market cap
** Co plans to use net offering proceeds primarily for
development of clinical pipeline, including preparing for
potential commercial launch of lead drug candidate INO-3107 if
approved, and for general purposes, per the SEC prospectus
filing
** INO-3107 is a potential treatment for recurrent respiratory
papillomatosis, a benign tumor disease
** Through Thurs close, INO shares have lost nearly 39% YTD
** Oppenheimer and Citizens JMP are jt bookrunners for the
offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@tr.com 1-646-279-6380))