Placing INO back on the watch list this morning:
Inovio Pharmaceuticals Announces $3.5 Million Underwritten Financing
PR NewswirePress Release: Inovio Pharmaceuticals, Inc. – 45 minutes ago
BLUE BELL, Pa. , Dec. 1, 2011 /PRNewswire/ -- Inovio Pharmaceuticals, Inc. (NYSE Amex: INO), which is advancing synthetic vaccines to fight cancers and infectious diseases, announced today that it has priced an underwritten public offering of 6,737,247 shares of its common stock and warrants to purchase up to 5,052,935 additional shares of its common stock purchased by five institutional investors. The shares of common stock and warrants are being offered in units, consisting of one share of common stock and 0.75 of a warrant to purchase one share of common stock, at a price of $0.5195 per unit. Inovio also granted the underwriter a 45-day option to purchase at the public offering price up to an aggregate of 1,010,587 additional units to cover overallotments, if any. The warrants have a term of five years and an exercise price of $0.65 per share. Inovio may call these warrants if the closing bid price of the common stock has been at least $1.30 over 20 trading days and certain other conditions are met.
The gross proceeds of the offering are expected to be $3.5 million . Net proceeds, after deducting the underwriter's discounts and other estimated offering expenses payable by Inovio, and assuming no exercise of the over-allotment option, are expected to be approximately $3.2 million . Brean Murray , Carret & Co. is acting as the sole bookrunner of this offering. Inovio intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses. The offering is expected to close on or about December 6, 2011 , subject to the satisfaction of customary closing conditions.
The securities described above are being offered by Inovio pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission, or the SEC. A prospectus supplement related to the offering will be filed with the SEC. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained at the SEC's website at www.sec.gov or from Brean Murray , Carret & Co., LLC by e-mail to syndicate@bmur.com or Inovio by mail at 1787 Sentry Parkway West, Building 18, Suite 400, Blue Bell, Pennsylvania 19422. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our common stock. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.
surf's up......crikey
