Bellicum Pharmaceuticals Inc. priced an underwritten offering of preferred stock and warrants to raise about $57.5 million, and said concluded agreements for a further $70 million from certain institutional investors which will net $12.1 million immediately.
The Houston-based immunotherapy developer will sell 575,000 series 1 preferred stock at $100 each to raise the $57.5 million. Each preferred stock will come bundled with a warrant to buy 100 shares of the company.
The offering is expected to close by Aug. 21 with Jefferies and Wells Fargo Securities serving as book-running managers while Ladenburg Thalmann serving as co-manager.
Meanwhile, certain institutional investors have agreed to buy series 2 and series 3 preferred stock of the company for $70 million, but at a later date. The investors have agreed to pay $12.1 million to Bellicum for the option to buy the securities, separate from the $70 million they agreed to invest.
The amounts raised will help the company advance its immunotherapies for treating blood cancers, solid tumors and orphan inherited blood disorders. The company has a chimeric antigen receptor T cell, or CAR-T, therapy called BPX-601 which has shown promise in patients with advanced pancreatic cancer.