WEST LAFAYETTE, Ind., Feb. 28, 2018 (GLOBE NEWSWIRE) — Endocyte, Inc. (Nasdaq Global Market: ECYT), a biopharmaceutical company developing targeted therapeutics for personalized cancer treatment, announced today the pricing of an underwritten registered public offering of 17,857,143 shares of its common stock at a price to the public of $4.20 per share. In addition, Endocyte granted the underwriters a 30-day option to purchase up to an additional 2,678,571 shares of its common stock on the same terms and conditions. All shares of common stock sold in the offering are being sold by Endocyte. Endocyte expects to close the offering on or about March 2, 2018, subject to the satisfaction of customary closing conditions.
Endocyte anticipates that the aggregate net proceeds from the offering will be approximately $70.0 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by Endocyte, but excluding any exercise of the underwriters’ option to purchase additional shares of common stock.Endocyte intends to use the net proceeds from the offering to fund the continued clinical development of its pipeline products, as well as for working capital and general corporate purposes.
Jefferies LLC, Wells Fargo Securities, LLC, and Deutsche Bank Securities Inc. are acting as joint book-running managers for the offering.Wedbush Securities Inc. is acting as co-lead manager for the offering.
The securities described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-220920) that was declared effective by the U.S. Securities and Exchange Commission, or the SEC, on October 24, 2017. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering were filed with the SEC on February 27, 2018.The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and, when available, may be obtained by visiting the SEC’s website at www.sec.gov or by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, by telephone at (877) 821-7388, or by email at [email protected]; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by telephone at (800) 326-5897, or by email at [email protected]; or Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, New York 10005, by telephone at (800) 503-4611, or by email at [email protected].