Immix Biopharma Announces Closing of $15 Million Public Offering of Common Stock
Immix Biopharma, Inc. has closed an underwritten public offering of 5,535,055 shares of its common stock, generating approximately $15 million in gross proceeds. The net proceeds will be used for NXC-201 clinical trials, working capital, and general corporate purposes. The offering was made pursuant to an effective 'shelf' registration statement and was managed by Titan Partners Group, a division of American Capital Partners.
The capital raise through the public offering by Immix Biopharma, Inc. is a strategic move aimed at bolstering the company's financial position. With a gross proceed of approximately $15 million, the company is poised to accelerate its clinical trials for NXC-201. It is crucial to note that the offering price of $2.71 per share provides investors with a quantifiable metric to gauge the market's current valuation of the company. This price point also reflects investor confidence and the perceived potential of ImmixBio's pipeline products.
From a financial perspective, the capital infusion is expected to extend the company's operational runway. This is particularly important for clinical-stage biopharmaceutical companies, where cash burn rates can be high due to the costly nature of clinical trials. Investors and analysts should monitor the burn rate and the projected timeline for trial results, as these factors will significantly influence the company's future financing needs and its ability to reach key milestones without further diluting shareholder value.
ImmixBio's decision to use the net proceeds for NXC-201 clinical trials, working capital and general corporate purposes demonstrates a commitment to advancing its product pipeline while maintaining operational stability. The focus on NXC-201 suggests that this candidate is a priority for the company and could be a critical driver of future growth. Market research analysts would assess the competitive landscape for NXC-201, examining the size of the target market, potential competitors and the unmet medical needs that NXC-201 aims to address.
Understanding the therapeutic area's market dynamics is essential for predicting the potential uptake of NXC-201, should it receive regulatory approval. Analysts would also consider the implications of the current funding on the company's market positioning and strategic partnerships, which could be instrumental in the commercialization phase. The role of Titan Partners Group as the sole book-running manager indicates their confidence in the company's prospects and may influence investor sentiment.
The biotech sector is known for its high-risk, high-reward nature and ImmixBio's latest public offering exemplifies this. The capital raised is earmarked for clinical trials, a critical phase that can make or break a biotech firm. The 'shelf' registration statement mechanism used by ImmixBio allows for timely capital raising, providing them with the flexibility to capitalize on favorable market conditions. This approach is common in the industry, enabling companies to efficiently access capital markets over a period.
An in-depth analysis of the company's pipeline, specifically the NXC-201 compound, would include evaluating the scientific rationale behind the therapy, its stage of development and any available efficacy and safety data. This information would help in assessing the compound's potential market impact and the likelihood of successful commercialization. Additionally, the role of regulatory pathways, such as the FDA's fast track or breakthrough therapy designations, if applicable to NXC-201, could significantly affect the drug's time-to-market and competitive edge.
02/08/2024 - 04:45 PM
LOS ANGELES, CA, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Immix Biopharma, Inc. (“ImmixBio”, “Company”, “We” or “Us” or “IMMX”), a clinical-stage biopharmaceutical company pioneering personalized therapies for oncology and immunology, announced today the closing of its previously announced underwritten public offering of 5,535,055 shares of its common stock. Each share of common stock was sold at a price to the public of $2.71 per share. The gross proceeds to ImmixBio from this offering are expected to be approximately $15 million , before deducting underwriting discounts and commissions and other estimated offering expenses payable by ImmixBio. The Company intends to use the net proceeds from this offering for NXC-201 clinical trials, working capital and general corporate purposes.
Titan Partners Group, a division of American Capital Partners, acted as sole book-running manager for the offering.
The offering is being made pursuant to an effective “shelf” registration statement on (File No. 333-269100) previously filed with the Securities and Exchange Commission (the “SEC”) on January 3, 2023, and declared effective by the SEC on January 11, 2023. A final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering were filed with the SEC. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering, may be obtained by visiting the SEC’s website at www.sec.gov or by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, New York 10007, by phone at (929) 833-1246 or by email at info@titanpartnersgrp.com.
This press release does 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 other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Immix Biopharma, Inc.
Immix Biopharma, Inc. is a clinical-stage biopharmaceutical company developing cell therapies in autoimmune disease. The Company’s lead cell therapy asset is CAR-T NXC-201 for autoimmune disease, relapsed/refractory AL Amyloidosis, and relapsed/refractory multiple myeloma, currently being evaluated in an ongoing Phase 1b/2a NEXICART-1 (NCT04720313) clinical trial.
Forward-Looking Statements
This press release contains forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding ImmixBio's expectations regarding the gross proceeds from the offering. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially, including those risks disclosed under the caption "Risk Factors" in the final prospectus supplement related to the offering. These forward-looking statements speak only as of the date hereof. ImmixBio disclaims any obligation to update these forward-looking statements, except as required by applicable law.
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What is the purpose of the underwritten public offering?
The purpose of the underwritten public offering is to generate funds for NXC-201 clinical trials, working capital, and general corporate purposes.
How many shares of common stock were offered?
A total of 5,535,055 shares of common stock were offered.
What is the price per share for the common stock?
Each share of common stock was sold at a price to the public of $2.71 per share.
Who acted as the sole book-running manager for the offering?
Titan Partners Group, a division of American Capital Partners, acted as the sole book-running manager for the offering.
Where can electronic copies of the final prospectus supplement and the accompanying prospectus be obtained?
Electronic copies of the final prospectus supplement and the accompanying prospectus can be obtained by visiting the SEC’s website at www.sec.gov or by contacting Titan Partners Group LLC.
