REDWOOD CITY, Calif., Aug. 17, 2016 (GLOBE NEWSWIRE) -- OncoMed Pharmaceuticals, Inc. (Nasdaq:OMED), a clinical-stage company developing novel anti-cancer stem cell and immuno-oncology therapeutics, today announced that it has commenced an underwritten public offering of its common stock. All of the shares to be sold in the offering will be offered by OncoMed. In addition, OncoMed intends to grant to the underwriters a 30-day option to purchase additional shares of its common stock in an amount up to 15% of the shares sold in the offering, on the same terms and conditions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
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.
Leerink Partners LLC is acting as sole book-running manager for the proposed offering.
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 filed today with the SEC. Copies of the preliminary prospectus supplement relating to this offering 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).
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 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