Benzinga | Feb 18, 2021 05:20AM EST

Y-mAbs Therapeutics Raises $100M Via Equity To Fund Commercial Rollout Of Neuroblastoma Med

* Y-mAbs Therapeutics Inc (NASDAQ: YMAB) priced its public offering of 2.4 million common shares at $41 per share, for gross proceeds of approximately $100 million. Underwriters have an option to purchase up to an additional 365,853 shares.

* The offering is expected to close by February 22.

* J.P. Morgan, Morgan Stanley, and BofA Securities are acting as the joint book-running managers for the offering.

* Y-mAbs intends to use the proceeds for commercial infrastructure build-out for launch and other commercial activities for both DANYELZA and omburtamab (if approved), clinical development of additional indications for DANYELZA and omburtamab, further development of other pipeline products, as well as working capital and other general corporate purposes.

* In December last year, the company sold its Priority Review Voucher to United Therapeutics Corporation (NASDAQ: UTHR) for $105 million. Y-mAbs is entitled to retain 60% of the net proceeds, and the remaining 40% will go to Memorial Sloan Kettering Cancer Center.

* In November 2020, Y-mAbs received its first product approval after FDA approved DANYELZA (naxitamab-gqgk) for neuroblastoma, a form of pediatric cancer.

* Price Action: YMAB stock closed 8.9% lower at $41.98 on Wednesday.