Iovance Biotherapeutics Prices $211M Underwritten Offering of Common Stock to Support the Commercial Launch of AMTAGVI
Portfolio Pulse from Benzinga Newsdesk
Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) announced the pricing of an underwritten offering of 23,014,000 shares at $9.15 per share, aiming to raise approximately $211 million. The proceeds are intended to support the commercial launch of AMTAGVI, fund ongoing clinical programs, continue the development of pipeline candidates, and for other general corporate purposes. The offering is expected to close on February 22, 2024.
February 20, 2024 | 11:34 am
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Iovance Biotherapeutics is raising $211 million through a stock offering to fund the launch of AMTAGVI and other clinical programs.
The announcement of a significant stock offering by Iovance Biotherapeutics is a critical development for investors. While the infusion of $211 million is positive for funding the commercial launch of AMTAGVI and other clinical programs, the dilution effect of issuing 23,014,000 new shares could put short-term pressure on the stock price. However, the long-term potential of the funded projects could offset this dilutive effect, making the short-term impact neutral.
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