BOCA RATON, Fla. - INmune Bio Inc. (NASDAQ:INMB), a clinical-stage biotechnology company, announced today its entry into securities purchase agreements for a registered direct offering. The offering includes the sale of 2,341,260 shares of common stock and corresponding warrants, generating approximately $13 million in gross proceeds before expenses.
The transaction involves both new and existing institutional investors, as well as company insiders, including directors, officers, and employees. Institutional investors are purchasing the shares and warrants at a combined price of $5.50, while insiders are buying at $6.50 per share and accompanying warrant. The warrants become exercisable six months post-issuance at $6.40 per share and will expire five years from the exercise date, with provisions for extension due to blackout periods for insiders.
The closing of the offering is anticipated to occur around September 16, 2024, contingent upon customary closing conditions. INmune Bio has earmarked the net proceeds for working capital and general corporate purposes.
A.G.P./Alliance Global Partners (NYSE:GLP) is serving as the sole placement agent for the offering. The sale is conducted under an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on August 7, 2024. A prospectus supplement detailing the offering terms will be filed with the SEC.
INmune Bio specializes in developing treatments that leverage the innate immune system to combat diseases. Its product platforms, including the Dominant-Negative Tumor Necrosis Factor (DN-TNF) and Natural Killer Cell Priming Platform, are currently undergoing clinical trials. The company's lead DN-TNF product, XPRO, is being tested for its efficacy in treating Mild Alzheimer’s disease, with plans to explore additional indications.
This press release is based on a statement from INmune Bio and should not be considered an offer to sell or a solicitation of an offer to buy any securities. The information provided is subject to the satisfaction of closing conditions and the risks associated with clinical trials and product development.
InvestingPro Insights
As INmune Bio Inc. (NASDAQ:INMB) navigates its way through clinical trials and product development, investors and analysts are closely monitoring its financial health and stock performance. According to the latest metrics from InvestingPro, INmune Bio holds a market capitalization of $126.27 million, which reflects the company's current valuation in the market. The stock has experienced significant volatility, with a noteworthy return of 8.67% over the last week, despite a longer-term decline of 45.89% over the past six months.
InvestingPro Tips highlight that while INmune Bio has more cash than debt on its balance sheet, a strong indicator of financial stability, the company is trading at a high revenue valuation multiple. This suggests that the market may be pricing the company's shares optimistically relative to its sales. Additionally, analysts do not anticipate INmune Bio to be profitable this year, which is a critical factor for investors to consider.
For investors seeking more in-depth analysis, there are an additional 11 InvestingPro Tips available, offering a comprehensive look at INmune Bio's financial and operational outlook. These insights can be pivotal for making informed investment decisions, particularly in the volatile biotechnology sector where INmune Bio is positioned as a niche player.
The company's strategic direction, including its recent registered direct offering and the clinical progress of its lead DN-TNF product, XPRO, will likely influence its future performance. With the next earnings date set for October 30, 2024, stakeholders are keeping a watchful eye on the company's trajectory and its ability to meet the challenges ahead.
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