Article content material
Proceeds anticipated to increase money runway into H2 2027
VANCOUVER, British Columbia, Dec. 26, 2023 (GLOBE NEWSWIRE) — Zymeworks Inc. (Nasdaq: ZYME), a clinical-stage biopharmaceutical firm growing novel, multifunctional biotherapeutics, at this time introduced that it had entered right into a securities buy settlement with funds affiliated with EcoR1 Capital, LLC (“EcoR1 Capital”), for the sale of an combination of 5,086,521 pre-funded warrants to buy 5,086,521 shares of widespread inventory, $0.00001 par worth per share, in a non-public placement. Every pre-funded warrant might be exercisable at an train worth equal to $0.0001 per share, topic to changes as supplied beneath the phrases of the pre-funded warrant and might be exercisable at any time on or after the deadline, topic to a post-exercise helpful possession limitation of 19.99%.
Commercial 2
Article content material
Article content material
“We’re grateful for the continuing dedication and extra monetary assist from our largest stockholder, EcoR1 Capital, as we work in direction of making a significant distinction for folks impacted by difficult-to-treat cancers and different critical illnesses” mentioned Kenneth Galbraith, Chair and Chief Govt Officer of Zymeworks. “The proceeds from this transaction permit us to additional strengthen our monetary place and prolong our money runway forward of key milestones and occasions anticipated in 2024 and 2025.”
The proceeds from this transaction will assist to broaden and doubtlessly speed up the Firm’s ‘5 by 5’ analysis and improvement technique, with investigational new drug utility filings for ZW171 and ZW191 scheduled for 2024, in addition to to be used in funding common company functions. Primarily based on the Firm’s present working plan, Zymeworks anticipates that the proceeds from this transaction will now prolong its present money runway into H2 2027.
The mixture gross proceeds from the providing are anticipated to be roughly $50 million, earlier than deducting estimated providing bills. The non-public placement is anticipated to shut on or about December 28, 2023, topic to the satisfaction of customary closing circumstances. The acquisition worth of $9.8299 for every pre-funded warrant was based mostly on the closing worth of $9.83 per share of Firm’s widespread inventory on The Nasdaq Inventory Market LLC on December 22, 2023.
High Tales
Article content material
Commercial 3
Article content material
As well as, the Firm has agreed that EcoR1 Capital could have the best, anytime till January 1, 2026, to appoint certainly one of its companions as a member of the board of administrators of Zymeworks, topic to specified circumstances.
The securities bought on this non-public placement haven’t been registered beneath the Securities Act of 1933, as amended, or state securities legal guidelines and is probably not provided on the market, bought, transferred, assigned or in any other case disposed of absent registration with the U.S. Securities and Change Fee (SEC) or an relevant exemption from the registration necessities. Pursuant to the phrases of a registration rights settlement entered into by Zymeworks with the traders, Zymeworks has agreed to file a registration assertion with the SEC registering the resale of the shares of widespread inventory issuable upon train of the pre-funded warrants.
This press launch shall not represent a suggestion to promote or a solicitation of a suggestion to purchase these securities, nor shall there be any sale of those securities in any state or different jurisdiction during which such provide, solicitation or sale can be illegal previous to the registration or qualification beneath the securities legal guidelines of any such state or different jurisdiction.
Commercial 4
Article content material
Extra particulars concerning this non-public placement might be included in a Present Report on Kind 8-Ok to be filed by Zymeworks with the SEC.
About Zymeworks Inc.
Zymeworks Inc. (Nasdaq: ZYME) is a world biotechnology firm dedicated to the invention, improvement, and commercialization of novel, multifunctional biotherapeutics. Zymeworks’ mission is to make a significant distinction for folks impacted by difficult-to-treat cancers and different critical illnesses. Zymeworks’ complementary therapeutic platforms and absolutely built-in drug improvement engine present the pliability and compatibility to exactly engineer and develop extremely differentiated antibody-based therapeutic candidates. Zymeworks engineered and developed zanidatamab, a HER2-targeted bispecific antibody utilizing Zymeworks’ proprietary Azymetric™ know-how. Zymeworks has entered into separate agreements with BeiGene, Ltd. (BeiGene) and Jazz Prescribed drugs Eire Restricted (Jazz), granting every of BeiGene and Jazz with unique rights to develop and commercialize zanidatamab in several territories. Zanidatamab is at the moment being evaluated in international Part 1, Part 2, and Part 3 scientific trials, together with sure ongoing pivotal scientific trials as a therapy for sufferers with HER2-expressing cancers. Zymeworks’ subsequent scientific candidate, zanidatamab zovodotin (ZW49), is a HER2-targeted bispecific antibody-drug conjugate (ADC) developed utilizing Zymeworks’ proprietary Azymetric™ and ZymeLink™ Auristatin applied sciences. Zanidatamab zovodotin is being evaluated in a Part 2 scientific trial for sufferers with HER2-expressing non-small cell lung most cancers. Zymeworks can also be advancing a deep pipeline of product candidates based mostly on its expertise and capabilities in each ADC and multispecific antibodies (MSAT), together with deliberate IND filings for ZW171 and ZW191 in 2024. Along with Zymeworks’ wholly owned pipeline, its therapeutic platforms have been additional leveraged via strategic partnerships with international biopharmaceutical firms. For details about Zymeworks, go to
