Editor: What To Know
- The private placement is exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act of 1933, as amended and Rule 506 of Regulation D of the Securities Act of 1933, as amended and in reliance on similar exemptions under applicable state laws.
- This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
- NKTR), a biotechnology company developing medicines for the treatment of auto-immune disorders, today announced that it has entered into a securities purchase agreement with TCGX, an institutional accredited investor, to sell securities in a private placement financing (the “PIPE”) for gross proceeds of $30 million, before deducting expenses.
Nektar Therapeutics
Nektar Therapeutics (Nasdaq: NKTR), a biotechnology company developing medicines for the treatment of auto-immune disorders, today announced that it has entered into a securities purchase agreement with TCGX, an institutional accredited investor, to sell securities in a private placement financing (the “PIPE”) for gross proceeds of $30 million, before deducting expenses.
In the PIPE, Nektar Therapeutics is selling 25 million shares of its common stock, in the form of a pre-funded warrant, at a price of $1.20 per share, representing a premium of approximately 80% to Nektar’s 30-day volume-weighted average price. The pre-funded warrant will have an exercise price of $0.0001 per share and will not expire.
The PIPE is expected to close on or before March 6, 2024, subject to customary closing conditions. Nektar has agreed to submit a registration statement filing for the underlying Common Stock no later than 90 days after the closing.
Howard Robin, President and Chief Executive Officer of Nektar Therapeutics
“We are pleased to bring on TCGX as a new high-quality, long-term investor in Nektar as we advance rezpegaldesleukin through our Phase 2b studies in atopic dermatitis and alopecia areata. We are on track to report topline data from these studies in the first half of 2025, which will represent significant inflection points for Nektar. Today’s financing further bolsters our financial position and extends the company’s cash runway well into the third quarter of 2026.”
Rezpegaldesleukin
Rezpegaldesleukin is a novel agonistic T regulatory cell biologic that is designed to both dampen the inflammatory response and simultaneously restore immune balance by directly expanding functional T reg cells and engaging multiple immunoregulatory pathways.
The private placement is exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act of 1933, as amended and Rule 506 of Regulation D of the Securities Act of 1933, as amended and in reliance on similar exemptions under applicable state laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
