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Iovance Biotherapeutics (IOVA) Prices 7.692M Share Common Offering at $6.50/Sh

September 21, 2017 5:53 AM EDT

Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) today announced the pricing of an underwritten public offering of 7,692,308 shares of its common stock at a public offering price of $6.50 per share. The gross proceeds from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Iovance, are expected to be $50 million. In addition, Iovance has granted the underwriters a 30-day option to purchase up to 1,153,846 additional shares of common stock at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about September 25, 2017, subject to customary closing conditions.

Iovance intends to use the net proceeds from this offering to fund its current and future clinical trials for its product candidates, including its ongoing Phase 2 clinical trials of LN-144, TIL for treatment of metastatic melanoma, and LN-145, TIL for the treatment of cervical and head and neck cancers, to fund activities related to commercial scale-up of the Company’s TIL product manufacturing operations; and for working capital and other general corporate purposes.

Jefferies LLC and Wells Fargo Securities, LLC are acting as joint book-running managers, Oppenheimer & Co. Inc. is acting as the lead manager, and H.C. Wainwright & Co., LLC and Chardan, LLC are acting as co-managers for the offering.



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