IN8bio Announces Pricing of Financing Totaling up to $46.9 Million in Private Placement
Summary
The Series B Ordinary Warrants will have an exercise price of $1.50 per share.IN8bio will receive initial gross proceeds of approximately $14.4 million as a result of the private placement. IN8bio intends to use the net proceeds from the private placement to fund the clinical development of its product candidates and for general corporate purposes.Investors have committed to exercise the Series A Ordinary Warrants at a purchase price of $1.25 per share for aggregate proceeds of $14.8 million and the issuance of 11.8 million shares of common stock. IN8bios DeltEx platform employs allogeneic, autologous, iPSC and genetically modified approaches to develop cell therapies, designed to effectively identify and eradicate tumor cells.IN8bio has initiated a Phase 2 trial of INB-400 in GBM at multiple centers across the United States and has two ongoing Phase 1 trials in solid and hematological tumors, including INB-200 for GBM and INB-100 for patients with hematologic malignancies undergoing transplantation. For more information about IN8bio and its programs, please visit www.in8bio.com.This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to, statements regarding the completion of the offering, the satisfaction of customary closing conditions relating to the private placement, the use of the net proceeds in this Private Placement, IN8bios cash runway and the aggregate proceeds payable to IN8bio should all holders of Series B Ordinary Warrants choose to exercise their warrants prior to a mandatory redemption.