Pyxis Oncology (PYXS) Announces $50 Million Private Placement

Pyxis Oncology, Inc. (Nasdaq: “PYXS”), a clinical stage company focused on developing next generation therapeutics to target difficult-to-treat cancers, today announced that it has agreed to sell 8,849,371 shares of its common stock at a price of $4.78 per share and pre-funded warrants to purchase 1,611,215 shares of its common stock at a price per pre-funded warrant of $4.779 to a select group of institutional and accredited healthcare specialist investors in a private placement. The pre-funded warrant exercise price is $0.001 per share. The private placement is expected to close on or about February 29, 2024, subject to customary closing conditions. Pyxis Oncology anticipates the gross proceeds from the private placement to be approximately $50 million before deducting estimated fees and expenses.

The financing included participation from new and existing institutional investors, including Deep Track Capital, Ridgeback Capital Investments L.P., Blue Owl Healthcare Opportunities, Laurion Capital Management, and StemPoint Capital L.P.

Pyxis Oncology intends to use the net proceeds from this proposed financing to fund the continued development of PYX-201, the Company’s lead antibody-drug conjugate therapeutic candidate, being evaluated in an ongoing phase 1 study for solid tumors and for working capital and general corporate purposes.

Leerink Partners acted as lead placement agent and LifeSci Capital acted as co-placement agent for the private placement.

The securities to be sold in the private placement and described above have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Pyxis Oncology has agreed to file a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of the shares of common stock issued in the private placement and the shares of common stock issuable upon the exercise of the pre-funded warrants issued in the private placement no later than the 30th day after from the signing of the registration rights agreement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offering of the securities under the resale registration statement will only be made by means of a prospectus.

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