On October 5, 2023, ALX Oncology Holdings Inc., an immuno-oncology company focused on helping patients fight cancer by developing therapies that block the CD47 immune checkpoint inhibitor and bridge the innate and adaptive immune system, announced the pricing of its underwritten public offering of common stock and pre-funded warrants. ALX Oncology sold 8,663,793 shares of common stock, which included 1,293,103 shares of common stock pursuant to the full exercise of the underwriters’ option to purchase additional shares and, in lieu of common stock to certain investors, pre-funded warrants to purchase 1,250,000 shares of common stock in the offering. The shares of common stock were sold at a public offering price of $6.38 per share and the pre-funded warrants were sold at a public offering price of $6.379 per pre-funded warrant.

The gross proceeds to ALX Oncology from this offering are expected to be approximately were approximately $63.2 million, before deducting the underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any pre-funded warrants. The offering closed on October 10, 2023.  ALX Oncology anticipates using the net proceeds from the offering to fund the continued clinical development of evorpacept and the related clinical trials, including ASPEN-06 clinical trial, and for working capital and other general corporate purposes.

The Wilson Sonsini team that advised ALX Oncology included Ken Clark, Michael Coke, Christina Poulsen, Enid Qin, Alison Sechrest, Jessie Couch, Myra Sutanto Shen, and Han Shen.

 

For more information, please see ALX Oncology's press release.