Inovio Pharma Prices $55 Mln Stock Offering

(RTTNews) - Inovio Pharmaceuticals, Inc. (INO) said Thursday that it has priced an underwritten public offering of 18,966,000 shares of common stock for a public offering price of $2.90 per share.

The gross proceeds to Inovio from the offering are expected to be about $55 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company.

The company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 2,844,900 shares of common stock to cover over-allotments, if any.

The offering is expected to close on or about March 4.

The company said it plans to use the net proceeds received from the sale of the common stock for general corporate purposes, including clinical trial expenses, research and development expenses, general and administrative expenses, manufacturing expenses and potential acquisitions of companies and technologies that complement its business.