Full Press Release Details
| CONTACTS : | ||
| Investors: | Bernie Hertel, Inovio Biomedical, 858-410-3101 | |
| Media: | Jeff Richardson, Richardson & Associates, 805-491-8313 |
$30 Million Registered Direct Offering
SAN DIEGO, CA July 30,
2009 Inovio Biomedical Corporation (NYSE AMEX: INO) ( Inovio ), a leader in DNA vaccine design, development and delivery,
announced today that
it has received commitments from institutional investors to
purchase $30 million of securities in a registered direct offering. Inovio
expects to receive net proceeds of approximately $28.5 million after deducting
placement agent fees and other offering expenses. Under the terms of a
Securities Purchase Agreement, Inovio will sell an aggregate of 11,111,110 shares
of its common stock and warrants to purchase up to 2,777,776 additional shares
of its common stock. Each unit, consisting of one share of common stock and a
warrant to purchase approximately 0.25 of a share of common stock, will be sold
for a purchase price of $2.70.
The warrants to purchase
additional shares will be exercisable at an exercise price of $3.50 per share
beginning six months after issuance and will expire six months from the date
they are first exercisable. All of the securities were offered pursuant to an
effective shelf registration statement. Proceeds from the transaction will be
used for general corporate purposes. Closing of this transaction is subject to
the satisfaction of customary conditions
LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc., (Nasdaq: RODM -
News), acted as the exclusive placement agent for the transaction.
A shelf registration
statement relating to the shares of common stock and warrants issued in the
offering (and the shares of common stock issuable upon exercise of the
warrants) has been filed with the Securities and Exchange Commission (the
SEC ) and has been declared effective. A prospectus supplement relating to the
offering will be filed with the SEC. Copies of the prospectus supplement and
accompanying prospectus may be obtained directly from the Company by contacting
Inovio Biomedical Corporation, 11494 Sorrento Valley Road, San Diego, CA 92121.
This announcement is neither an offer to sell nor a solicitation of an offer to
buy any of our shares of common stock or warrants. No offer, solicitation or
sale will be made in any jurisdiction in which such offer, solicitation or sale
Inovio Biomedical Corporation
Inovio Biomedical is
engaged in the design, development, and delivery of a new generation of
vaccines, called DNA vaccines, focused on cancers and infectious diseases. The
company s SynCon technology enables the design of DNA-based vaccines capable
of providing cross-protection against new, unmatched strains of pathogens such
as influenza. Inovio s proprietary electroporation-based DNA vaccine delivery
technology has been shown by initial human data to safely and significantly
increase gene expression and immune responses. Inovio s clinical programs
include HPV/cervical cancer (therapeutic) and HIV vaccines. An IND has been
filed for an avian influenza vaccine. Inovio is developing its universal and
avian influenza vaccines in collaboration with scientists from the University
of Pennsylvania and the National Microbiology Laboratory of the Public Health
Agency of Canada. Other partners and collaborators include Merck, Tripep,
University of Southampton, University of Pennsylvania, and HIV Vaccines Trial
Network. Inovio s product candidates and technologies are protected by an
extensive global intellectual property portfolio. More information is available
Sorrento Valley Road
San Diego, California 92121-1318
(858) 597-6006 Fax: (858) 597-0451
contains certain forward-looking statements relating to our plans to develop
electroporation-based drug and gene delivery technologies and DNA vaccines.
Actual events or results may differ from the expectations set forth herein as a
result of a number of factors, including uncertainties inherent in clinical
trials and product development programs including, but not limited to, the fact
that pre-clinical and clinical results referenced in this release may not be
indicative of results achievable in other trials or for other indications, that
results from one study may not necessarily be reflected or supported by the
results of other similar studies and that results from an animal study may not
be indicative of results achievable in human studies, the availability of
funding to support continuing research and studies in an effort to prove safety
and efficacy of electroporation technology as a delivery mechanism or develop
viable DNA vaccines, the availability or potential availability of alternative
therapies or treatments for the conditions targeted by the company or its
collaborators, including alternatives that may be more efficacious or
cost-effective than any therapy or treatment that the company and its
collaborators hope to develop, evaluation of potential opportunities, issues
involving patents and whether they or licenses to them will provide the company
with meaningful protection from others using the covered technologies, whether
such proprietary rights are enforceable or defensible or infringe or allegedly
infringe on rights of others or can withstand claims of invalidity and whether
the combined company can finance or devote other significant resources that may
be necessary to prosecute, protect or defend them, the level of corporate
expenditures, assessments of the companies combined technology by potential
corporate or other partners or collaborators, capital market conditions, our
ability to successfully integrate Inovio and VGX Pharmaceuticals, the impact of
government healthcare proposals, our ability to maintain listing of our common
stock under the rules and regulations of the NYSE Amex and other factors set
forth in our Annual Report on Form 10-K for the year ended
December 31, 2008, our Form 10-Q for the three months ended March 31,
2009, and other regulatory filings from time to time, including our current
report on Form 8-K reporting the closing of the merger transaction with VGX
Pharmaceuticals, Inc. There can be no assurance that any product in Inovio s
pipeline will be successfully developed or manufactured, that final results of
clinical studies will be supportive of regulatory approvals required to market
licensed products, or that any of the forward-looking information provided
herein will be proven accurate.