Ambrx Raises $78 Million and Completes its ATM Program
Ambrx Biopharma today announced that it has completed net sales of approximately $78 million of American Depositary Shares (“ADSs”) pursuant to the Company’s at-the-market (“ATM”) program established on Aug 5, 2022, through Cowen and Company LLC (“TD Cowen”), acting as sales agent. The ATM program had an aggregate offering price of up to $80 million in gross proceeds. Through the utilization of the ATM, the Company has raised $78 million in net proceeds, after deducting sales commissions, thereby exhausting the capacity of the ATM and completing it.
Pursuant to its ATM sales agreement with TD Cowen, Ambrx sold an aggregate of 16,575,826 ADSs at an average selling price of $4.83 per ADS, resulting in net proceeds of $78 million. As of the completion of the ATM on March 10, 2023, the Company had 386,486,014 ordinary shares outstanding (including ordinary shares in the form of ADSs), equivalent to approximately 55,212,287 ADSs. Each ADS represents seven ordinary shares of the Company.
The capital raised from the now completed ATM (approximately $78 million) is in addition to the Company’s preliminary cash position previously disclosed in the Company’s Current Report on Form 8-K dated February 6, 2023, wherein the Company provided that, based on then-current estimates, as of December 31, 2022, the Company had cash, cash equivalents and marketable debt securities, available-for-sale of $101.3 million.
“Our focus is on ARX788 and ARX517. With the addition of the capital raised under the now completed ATM, we believe we have sufficient capital resources to execute on our current development plans into 2025,” said Daniel J. O’Connor, President and CEO of Ambrx. “Further, we are aware of the closure of Silicon Valley Bank (“SVB”). Ambrx does not hold cash deposits or securities at SVB. The investment of the Company’s cash is governed by an investment policy designed to preserve its capital, safeguard its funds and limit exposure to risk.”
- Insmed Completes Enrollment of Adult Patients in Phase 3 ASPEN Study of Brensocatib in Bronchiectasis Read more
- NEC Establishes Subsidiaries in Europe for Strengthening Global AI Drug Development Business Read more
- Flare Therapeutics Further Strengthens Leadership Team with Key Executive Appointments and Promotions Read more
- Sensorion Appoints Khalil Barrage as Interim Chairman of the Board Read more
- Ablaze Pharmaceuticals Plans Development of Innovative GPC3 Targeted Radiopharmaceutical Therapy for Liver Cancer in Greater China Read more