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Zymeworks raises $97.8M via common stock offering to finance cancer programs

Zymeworks Inc. closed its underwritten public offering of 6,210,000 common shares at $15.75 apiece with gross proceeds of about $97.8 million.

The shares sold include the underwriters' full exercise of their overallotment option to buy 810,000 additional shares.

Zymeworks plans to use the net proceeds to accelerate the development of ZW25 both as a single drug and in combination with other anti-cancer agents in a variety of HER2-expressing tumors, including gastroesophageal, breast and colorectal tumors.

The proceeds will also be used to initiate ZW49 clinical testing and to advance other novel bispecific preclinical programs, including those involving non-HER2-expressing tumors. In addition, the proceeds will be used for general corporate purposes.

Citigroup Global Markets Canada Inc. and Wells Fargo Securities Canada Ltd. acted as joint book-running managers and Raymond James Ltd. acted as passive book runner in the offering.

Paradigm Capital Inc. acted as co-manager and MTS Securities LLC served as financial adviser to the company in the offering.

British Columbia-based Zymeworks is a clinical-stage biopharmaceutical company, which engages in the discovery, development and commercialization of biotherapeutics to treat cancer.