Ikena Oncology Raises $40 Million to Fund Cancer Research

Ikena Oncology, Inc. (Nasdaq: IKNA) is forging a new path in patient-directed cancer treatment with the pricing of an underwritten offering of 6,110,000 shares of common stock at an offering price of $6.55 per share. This offering is expected to bring in gross proceeds of approximately $40 million, to be used to further its ongoing clinical development of targeted oncology programs, advance them to clinical data read outs beyond the initial data, and for working capital, capital expenditures and other general corporate purposes.

The financing was co-led by a new healthcare dedicated investor and included additional new investors, Acuta Capital Partners, Adage Capital and Vestal Point Capital, as well as participation from existing investors. The offering is expected to close on or about May 17, 2023, subject to satisfaction of customary closing conditions. With these funds, Ikena is ready to propel cancer treatment to the next level.

Cowen and William Blair have teamed up to act as joint book-runners for the upcoming offering, with H.C. Wainwright & Co. leading the charge as the manager. This offering promises to be an exciting opportunity for investors!

The offering of the securities described above was made possible through a shelf registration statement on Form S-3 (File No. 333-264517) filed with the SEC on April 27, 2022 and becoming effective on May 5, 2022.

All investors interested in this offering must refer to the prospectus, including a prospectus supplement, which are part of the effective registration statement. These documents were filed with the SEC on May 15, 2023 and provide all the necessary information to make an informed decision.

About Ikena Oncology

Ikena Oncology™ is on a mission to develop innovative treatments for cancer patients. Our lead program, IK-930, is a targeted therapy that inhibits the Hippo pathway, a tumor suppressor pathway known for its ability to resist targeted therapies.

Our research and development efforts also extend to the RAS signaling pathway, with IK-595, a novel MEK-RAF inhibitor, and IK-175, an AHR antagonist created in collaboration with Bristol Myers Squibb. Our goal is to utilize our expertise and resources to develop the perfect medication for the right patient using the most suitable modality.

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