Ambrx Biopharma Inc. (NASDAQ: AMAM) is pleased to announce the completion of its registered direct offering with clients managed by Darwin Global Management Ltd., which will result in 5.4 million American Depositary Shares of the Company being sold at a price of $13.93 per share. In order to ensure fairness, Darwin has agreed to refrain from selling any additional shares for the next six months.
The Company is looking forward to closing its offering of approximately $75 million, expected to occur on or around June 30, 2023. The proceeds received from the offering will be used to support ongoing research and development efforts for our product candidates, cover working capital needs, and finance other general corporate objectives. We are thrilled to have the opportunity to further our work and the growth of the Company through this offering.
The Company recently registered its offering of common stock with the Securities and Exchange Commission (SEC) on Form S-3. The offering was declared effective on May 2, 2023, and the Company filed a Form 8-K in connection with its entry into the securities purchase agreement. To learn more about the offering, interested parties may review the accompanying prospectus supplement and accompanying prospectus filed with the SEC,
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About Ambrx Biopharma Inc.
Ambrx is revolutionizing the science of medicine with its innovative expanded genetic code technology platform. The clinical stage biopharmaceutical company is developing therapies like next generation antibody drug conjugates (ADCs) and other engineered miracles that can modulate the immune system.
Focused on enhancing efficacy and safety in multiple cancer indications, Ambrx is advancing clinical and preclinical programs like ARX517, its proprietary ADC targeting prostate-specific membrane antigen (PSMA), and ARX788, its HER2 targeting ADC.
Further, the firm’s protein engineering technology has resulted in preclinical and clinical collaborations with multiple partners. Since spinning out of The Scripps Research Institute in 2003, Ambrx has continued to deliver awe inspiring results – ensuring to keep investors updated with relevant information on its website.
Ambrx is pleased to announce its recent Private Securities Litigation Reform Act of 1995, as amended. As part of this initiative, the company aims to execute and achieve its strategies, goals, and milestones on time while focusing on the R&D efforts and clinical trials.
However, any progress made is subjected to certain inherent risks and uncertainties such as those posed by the COVID-19 pandemic, development and marketing approval of novel therapeutics, and certain conditions pertaining to the offering.
For more details on these risks and uncertainties, readers may refer to the Risk Factors section of Ambrx’s Quarterly Report on Form 10-Q filed with the SEC on May 11, 2023. We hope that with the enactment of this act, Ambrx is able to further its success.