PDS Announces Closing of $19m Offering

RNS Number : 1956W

NetScientific PLC

14 August 2020

 

NetScientific plc

("NetScientific" or the "Company")

PDS Biotechnology Corporation Announces Closing of Approx. $19 Million Public Offering and Full Exercise of Underwriter's Option to Purchase Additional Shares

 

NetScientific plc (AIM:NSCI), the transatlantic healthcare IP commercialisation group, announces that its portfolio company PDS Biotechnology Corporation ("PDS") (Nasdaq: PDSB) yesterday announced the closing of its previously announced underwritten public offering of 6,900,000 shares of common stock (inclusive of the 900,000 shares that were sold pursuant to the underwriter's full exercise of its option to purchase additional shares of common stock) at a public offering price of $2.75 per share.

The gross proceeds to PDS from this offering, before deducting underwriting discounts, commissions and other offering expenses were approximately $19.0 million.

NetScientific confirms that it has subscribed £0.5 million for 236,000 shares of common stock. Pending receipt of funds from NetScientific's agreed placement which is expected at the end of August, the short term finance has been covered by drawing down £0.4 million under the loan facility agreement dated 9 April 2020 with the AB Group Limited and the rest coming from existing resources.

NetScientific holds approximately 5.75% of PDS' undiluted share capital post the offering.

The full details of the announcement are set out below and can be found he re: https://www.pdsbiotech.com/investors/news-center/press-releases/press-releases1/56-2020-news/413-iotechnologyorporationnnounceslosingofpprox20200813  

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PDS Biotechnology Corporation Announces Closing of Approx. $19 Million Public Offering and Full Exercise of Underwriter's Option to Purchase Additional Shares

 

FLORHAM PARK, N.J., Aug. 13, 2020 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB) ("PDS Biotechnology" or the "Company"), a clinical-stage immunotherapy company developing novel cancer therapies and infectious disease vaccines based on the Company's proprietary Versamune® T-cell activating technology, today announced the closing of its previously announced underwritten public offering of 6,900,000 shares of common stock (inclusive of the 900,000 shares that were sold pursuant to the underwriter's full exercise of its option to purchase additional shares of common stock) at a public offering price of $2.75 per share. Certain insiders, including certain of the Company's officers, purchased shares of PDS Biotechnology common stock in the offering.

The gross proceeds to PDS Biotechnology from this offering, before deducting underwriting discounts, commissions and other offering expenses were approximately $19.0 million.

Oppenheimer & Co. Inc. acted as the sole book-running manager for the offering.

The shares of common stock described above were offered by the Company pursuant to a registration statement on Form S-3 (File No. 333-240011) previously filed with the U.S. Securities and Exchange Commission ("SEC") on July 22, 2020 and declared effective on July 31, 2020, and the accompanying prospectus contained therein. The offering of the shares of common stock was made by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website, located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting Oppenheimer & Co. Inc. at 85 Broad Street, 26th Floor, New York, NY 10004, Attention: Equity Syndicate Prospectus Department, by telephone at [phone], or by email at [e-mail].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About PDS Biotechnology

PDS Biotechnology is a clinical-stage immunotherapy company with a growing pipeline of cancer immunotherapies and infectious disease vaccines based on the Company's proprietary Versamune® T-cell activating technology platform. Versamune® effectively delivers disease-specific antigens for in vivo uptake and processing, while also activating the critical type 1 interferon immunological pathway, resulting in production of potent disease-specific killer T-cells as well as neutralizing antibodies. PDS Biotechnology has engineered multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize disease cells and effectively attack and destroy them.

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

For more information, please contact:

NetScientific 

Ilian Iliev, CEO  Tel: [phone]

WH Ireland (NOMAD, Financial Adviser and Broker)

Chris Fielding / Darshan Patel  Tel: [phone]

MO PR ADVISORY (Press Contact)

Mo Noonan  Tel: [phone]

About NetScientific

NetScientific PLC is a transatlantic healthcare IP commercialisation Group focused on technologies and companies that have the potential to treat chronic disease and significantly improve the health and well-being of people.

For more information, please visit the website at    www.NetScientific.net

 

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