Loxo Oncology Announces the Closing of its Follow-On Offering of Common Stock and Full Exercise of the Underwriters’ Option...
January 10 2017 - 3:30PM
Loxo Oncology, Inc. (Nasdaq:LOXO), a biopharmaceutical company
innovating the development of highly selective medicines for
patients with genetically defined cancers, today announced the
closing of its previously announced underwritten public offering of
4,450,500 shares of common stock at a public offering price of
$31.00 per share, which included the exercise in full by the
underwriters of their option to purchase 580,500 additional shares
of common stock. Gross proceeds to Loxo Oncology from this offering
were approximately $138 million. Loxo Oncology intends to use
the net proceeds from this offering for early commercialization
activities for larotrectinib, new and ongoing research and
development activities, and general corporate purposes, which may
include increased working capital, acquisitions or investments in
businesses, products or technologies, and capital expenditures.
Morgan Stanley, Citigroup and Cowen and Company acted as the
joint book-running managers for the offering. Stifel acted as lead
manager.
The public offering was made pursuant to a shelf registration
statement on Form S-3 that was filed by Loxo Oncology with
the Securities and Exchange Commission ("SEC")
on November 2, 2016 and declared effective by
the SEC on November 16, 2016. A final
prospectus supplement relating to and describing the terms of the
offering was filed with the SEC on January 5, 2017, and is
available on the SEC's website
at www.sec.gov. The offering was made only by means of a
prospectus and related prospectus supplement, copies of which may
be obtained from Morgan Stanley & Co. LLC, Attention:
Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY
10014; Citigroup c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, by email at prospectus@citi.com
or by phone at (800) 831-9146 or Cowen and Company, LLC c/o
Broadridge Financial Services, 1155 Long Island Avenue, Edgewood,
NY, 11717, Attn: Prospectus Department, by calling (631) 274-2806
or by faxing (631) 254-7140.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy Loxo Oncology’s common stock, nor
shall there be any sale of Loxo Oncology’s common stock in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any offers,
solicitations of offers to buy, or sales of the common stock will
only be made pursuant to the registration statement filed with
the SEC, including a prospectus and a related prospectus
supplement.
About Loxo OncologyLoxo Oncology is a
biopharmaceutical company innovating the development of highly
selective medicines for patients with genetically defined cancers.
Our pipeline focuses on cancers that are uniquely dependent on
single gene abnormalities, such that a single drug has the
potential to treat the cancer with dramatic effect. We believe that
the most selective, purpose-built medicines have the highest
probability of maximally inhibiting the intended target, thereby
delivering best-in-class disease control and safety. Our management
team seeks out experienced industry partners, world-class
scientific advisors and innovative clinical-regulatory approaches
to deliver new cancer therapies to patients as quickly and
efficiently as possible.
Safe Harbor StatementThis press release
contains forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 and other federal
securities laws. Any statements contained herein that do not
describe historical facts, including, but not limited to,
statements regarding the anticipated use of proceeds of the
offering, are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially
from those discussed in such forward-looking statements. Such risks
and uncertainties include, among others, the risks identified in
Loxo Oncology’s filings with the SEC, including its Quarterly
Report on Form 10-Q for the fiscal quarter ended September 30,
2016, filed with the SEC on November 2, 2016, the prospectus
supplement related to the public offering, and subsequent filings
with the SEC. Any of these risks and uncertainties could materially
and adversely affect Loxo Oncology’s results of operations, which
would, in turn, have a significant and adverse impact on Loxo
Oncology’s stock price. Loxo Oncology cautions you not to place
undue reliance on any forward-looking statements, which speak only
as of the date they are made. Loxo Oncology undertakes no
obligation to update publicly any forward-looking statements to
reflect new information, events or circumstances after the date
they were made or to reflect the occurrence of unanticipated
events.
Contacts
Loxo Oncology, Inc.
Company:Jacob S. Van NaardenChief Business
Officerjake@loxooncology.com
Investors:Peter RahmerThe Trout Group,
LLC646-378-2973prahmer@troutgroup.com
Media:Dan Budwick Pure Communications, Inc. 973-271-6085
dan@purecommunicationsinc.com
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