IGM Biosciences, Inc. (NASDAQ: IGMS) has just launched an upsized underwritten public offering of 3,285,327 shares of voting common stock and 7,312,500 shares of non-voting common stock at an attractive price of $8.00 per share. Moreover, IGM has even granted the underwriters an additional 30 days to purchase up to 1,589,673 additional shares, subject to success in meeting customary requirements. The estimated completion of this offering is scheduled for June 26, 2023.
In a concurrent private placement exempt from the Securities Act of 1933, IGM intends to sell 2,812,500 non-voting common stock shares to certain institutional and other accredited investors affiliated with or managed by Redmile Group, LLC at a sale price of $8.00 per share. The completion of this private placement is subject to customary conditions and the successful public offering, but the completion of the former is not dependent on the latter.
IGM is delighted to announce the successful completion of their public offering and concurrent private placement, with a projected total gross proceeds of $107.3 million. The devoted efforts of BofA Securities, Jefferies, Stifel, and Guggenheim Securities as joint book-running managers have enabled IGM to experience such success, and we are sincerely thankful for their involvement!
We are pleased to present an exciting opportunity to invest in non-voting common stock through a concurrent private placement. These shares have not yet been registered under the Securities Act or any state securities laws, and can only be offered or sold in the United States if they comply with registration requirements and applicable state securities laws. Take advantage of this unique opportunity to invest in a potentially lucrative venture today!
About IGM Biosciences, Inc.
IGM Biosciences is revolutionizing the way we treat cancer, autoimmune and inflammatory diseases, and infectious diseases. Leveraging the power of its proprietary IgM antibody technology, which possesses an incredible 10 binding sites compared to conventional IgG antibodies with only 2 binding sites, IGM is developing cutting-edge therapies on a global scale. This groundbreaking work has resulted in an exclusive worldwide collaboration with Sanofi to explore the potential of IgM antibody agonists for oncology and immunology and inflammation treatments.
IGM Cautionary Note Regarding Forward-Looking Statements
IGM is pleased to announce an upcoming public offering and concurrent private placement that could have a major impact on future events. However, there are a number of risks and uncertainties that could affect the outcome, including the final terms of the offering, the satisfaction of customary closing conditions and prevailing market conditions.
For a full overview of the potential risks and uncertainties that may affect this offering, please refer to the Risk Factors section found in IGM’s reports lodged with the SEC, in the preliminary prospectus supplement and accompanying prospectus related to the public offering. Regardless, IGM is eager to manage the progression of this offering and aims to have all matters concluded to the satisfaction of all parties involved.