Immunitybio (IBRX) Targets $80 Million Capital Raise for Business Operations

ImmunityBio, Inc. (NASDAQ:IBRX) is one of the penny stocks that will skyrocket. On July 25, the company confirmed it is eyeing $80 million in gross proceeds on the execution of a securities purchase agreement as part of a registered direct offering. It also plans to issue common stock and warrants for the purchase of additional shares.

Once fully exercised, the warrants could yield up to $96 million in gross proceeds. Piper Sandler and Co. is acting as the placement agent of the registered direct offering. The net proceeds from the offering are expected to provide the company with much-needed working capital and support for its ongoing business operations.

The direct offering comes on the company’s ANKTIVA product, receiving FDA approval as an immunotherapy for non-muscle invasive bladder cancer. The flagship product is designated for FDA Breakthrough Therapy.

ImmunityBio, Inc. (NASDAQ:IBRX) is a biotechnology company focused on developing next-generation immunotherapies and vaccines that harness the power of the immune system to fight cancer and infectious diseases. It seeks to create durable and safe protection against diseases by developing innovative therapies and cell therapies that bolster the natural immune response.

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Disclosure: None. This article is originally published at Insider Monkey.