iTeos Therapeutics announces $120M registered direct offering

Published: 13-May-2024

1,142,857 shares of the company's common stock will be available at USD $17.50 per share

iTeos Therapeutics, a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-oncology therapeutics for patients, has announced its entrance into a securities purchase agreement to sell 1,142,857 shares of the company’s common stock at a price of USD $17.50 per share.

This represents a premium of approximately 44% to iTeos’ closing price on May 9, 2024 and pre-funded warrants to purchase up to 5,714,285 shares of the Common Stock at a price of $17.499 per pre-funded warrant, will also be available.

Each pre-funded warrant will have an exercise price of $0.001 per share, will be exercisable immediately, and will be exercisable until exercised in full. The aggregate gross proceeds from the offering are expected to be approximately $120 million, before deducting offering expenses payable by iTeos. The financing is expected to close on or about May 14, 2024, subject to the satisfaction of customary closing conditions.

The financing is being led by existing investors, RA Capital Management and Boxer Capital.

iTeos expects to use net proceeds from the financing to advance its clinical programs and preclinical pipeline, and for working capital and other general corporate purposes.

The shares of Common Stock, Pre-Funded Warrants and the shares of Common Stock issuable upon the exercise of the Pre-Funded Warrants were offered pursuant to an effective shelf registration statement that was previously filed with the US Securities and Exchange Commission (the “SEC”) on May 10, 2023 (File No. 333-271793) and was declared effective on May 19, 2023.


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