Inhibrx Announces $40M Investment from Viking Global Investors
SAN DIEGO, May 21, 2019 /PRNewswire/ -- Inhibrx, Inc. ("Inhibrx"), a clinical-stage biotechnology company developing a broad pipeline of novel biologic therapeutic candidates, announced today that it has entered into an agreement with Viking Global Investors LP ("Viking") for the offering and sale of convertible promissory notes in a private placement transaction in the aggregate principal amount of $40 million. Inhibrx has received approximately $205 million since inception, including raising $135 million in investor equity and debt and receiving $70 million in licensing and grant payments.
Viking joins existing Inhibrx investors RA Capital, Lilly Asia Ventures, ArrowMark Partners, WuXi Biologics and Alexandria.
"We are pleased to welcome Viking Global to our supportive investor syndicate," said Mark Lappe, Chief Executive Officer of Inhibrx. "This new investment, coupled with our current investor support, provides us with additional capital to advance our pipeline, including our three clinical-stage programs with two additional programs expected to enter the clinic this year, and our proprietary sdAb platform."
Evercore served as sole financial advisor to Inhibrx in connection with this issuance.
About the Inhibrx sdAb Platform
Inhibrx utilizes diverse methods of protein engineering in the construction of therapeutic candidates that can address the specific requirements of complex target and disease biology. A key tool for this effort is the Inhibrx proprietary sdAb platform, which enables the development of therapeutic candidates with attributes superior to other monoclonal antibody and fusion protein approaches. This platform enables the construction of molecules that contain multiple binding units with defined valency or multiple specificities. These novel antibodies can be combined to create therapeutic candidates with the potential to achieve enhanced cell signaling or conditional activation. Importantly, these optimized, multi-functional entities can be manufactured using the established processes that are common in the production of therapeutic proteins.
About Inhibrx, Inc.
Inhibrx is a clinical-stage biotechnology company focused on developing a broad pipeline of novel biologic therapeutic candidates. Inhibrx utilizes diverse methods of protein engineering to address the specific requirements of complex target and disease biology, including its proprietary sdAb platform. The Inhibrx pipeline is focused on oncology, orphan diseases and infectious diseases. Inhibrx has collaborations with Celgene and bluebird bio and has received awards from several granting agencies, including NIH, NIAID and CARB-X. For more information, please visit www.inhibrx.com.
Forward Looking Statements
Certain statements in this press release are forward looking statements that involve a number of risks and uncertainties. These statements include statements about Inhibrx's strategy, therapeutic candidates, sdAb platform and preclinical and clinical programs. These statements represent Inhibrx's judgements and expectations as of the date of this release. Actual results may differ due to a number of factors, including, but not limited to, the potential success and efficacy of Inhibrx's therapeutic candidates, the timing and success of its clinical studies, the timing of receipt of fees and payments, if any, from Inhibrx's collaborators and its ability to obtain funding as needed to support its operations. Inhibrx disclaims any intent or obligation to update these forward looking statements, other than as may be required by applicable law.
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SOURCE Inhibrx, Inc.