Benzinga | Jan 21, 2021 05:36AM EST

INOVIO Priced 17.7M Share Public Offering of Common Stock @$8.50/Share

INOVIO Pharmaceuticals, Inc. (NASDAQ:INO) announced the pricing of an underwritten public offering of 17,700,000 shares of its common stock at a public offering price of $8.50 per share. In addition, INOVIO has granted the underwriters a 30-day option to purchase up to an additional 2,655,000 shares of common stock at the public offering price, less underwriting discounts and commissions. Gross proceeds to INOVIO from the offering are expected to be approximately $150.5 million, before deducting underwriting discounts and commissions and estimated offering expenses, but excluding any exercise of the underwriters' option. All of the shares are being sold by INOVIO.

INOVIO intends to use the net proceeds from this offering for the development of its clinical pipeline, including clinical development expenses relating to INO-4800 and research and development expenses, and for general corporate purposes, including working capital and general and administrative expenses.

BofA Securities, Jefferies and Cantor are acting as joint book-running managers for the offering. Oppenheimer & Co. is acting as lead manager for the offering. The Benchmark Company, Maxim Group LLC and National Securities Corporation are acting as co-managers for the offering. The offering is expected to close on or about January 25, 2021, subject to customary closing conditions.