REDWOOD CITY, Calif., Aug. 18, 2016 (GLOBE NEWSWIRE) -- OncoMed Pharmaceuticals, Inc. (Nasdaq:OMED), a clinical-stage company developing novel anti-cancer stem cell and immuno-oncology therapeutics, today announced the pricing of an underwritten public offering of 5,500,000 shares of its common stock at a public offering price of $10.00 per share. Net proceeds to OncoMed from this offering are expected to be approximately $51.4 million after underwriting discounts and commissions and estimated offering expenses.
The offering is expected to close on or about August 23, 2016, subject to customary closing conditions. The Company has granted the underwriters of the offering the right for a period of 30 days to purchase up to an additional 825,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
Leerink Partners LLC is acting as sole book-running manager for the proposed offering. Wells Fargo Securities, LLC and JMP Securities LLC are acting as co-managers.
OncoMed expects to use its existing cash, cash equivalents and short-term investments and the net proceeds from the offering for general corporate purposes, which may include, among other things, increasing its working capital, funding research and development, including its wholly-owned GITRL-Fc immuno-oncology program, and capital expenditures.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on July 22, 2015. The offering is being made only by means of a prospectus supplement, copies of which may be obtained by contacting Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA, 02110, by email at email@example.com, or by telephone at (800) 808-7525, ext. 6142.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
About OncoMed Pharmaceuticals
OncoMed Pharmaceuticals is a clinical-stage company focused on discovering and developing novel anti-cancer stem cell and immuno-oncology therapeutics. OncoMed has seven anti-cancer therapeutic candidates in clinical development, including demcizumab (anti-DLL4, OMP-21M18), tarextumab (anti-Notch2/3, OMP-59R5), brontictuzumab (anti-Notch1, OMP-52M51), anti-DLL4/VEGF bispecific antibody (OMP-305B83), vantictumab (anti-FZD7, OMP-18R5), ipafricept (FZD8-Fc, OMP-54F28), and anti-RSPO3 (OMP-131R10), which each target key cancer stem cell signaling pathways including Notch, Wnt and R-spondin LGR. OncoMed is advancing its wholly owned GITRL-Fc candidate and an undisclosed immuno-oncology candidate (IO#2) toward clinical trials in the 2016-2017 timeframe. OncoMed has formed strategic alliances with Celgene Corporation, Bayer Pharma AG and GlaxoSmithKline (GSK).
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding OncoMed Pharmaceuticals, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor of the Private Securities Litigation Reform Act of 1995, including OncoMed’s expected use of the proceeds of the proposed offering, its future development plans for its product candidates and the timing and costs thereof. Such forward-looking statements involve substantial risks and uncertainties that could cause OncoMed’s future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all and the uncertainties inherent in research and the clinical development process. OncoMed undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to OncoMed’s business in general, please refer to OncoMed’s preliminary prospectus supplement filed with the Securities and Exchange Commission (SEC) on August 17, 2016, including the documents incorporated by reference therein, which include OncoMed’s Annual Report on Form 10-K filed with the SEC on March 10, 2016, OncoMed’s Quarterly Report on Form 10-Q filed with the SEC on August 9, 2016, and OncoMed’s other periodic reports filed with the SEC.
Senior Director, Investor Relations and Corporate Communications