ImmunityBio, a clinical-stage immunotherapy company, has successfully completed financing transactions that will provide approximately $200 million in proceeds. These transactions include converting current debt into equity and the issuance of a new convertible debt instrument from Nant Capital, an entity affiliated with Dr. Patrick Soon-Shiong, the Founder, Executive Chairman, and Global Chief Scientific and Medical Officer of ImmunityBio.
The $200 million convertible note from Nant Capital has a three-year term and is convertible into shares of ImmunityBio common stock at a 50% premium over the closing market price preceding the note’s date.
These financing transactions also involve the restructuring of ImmunityBio’s existing debt obligations with Nant entities, including an extension of the nearest term debt maturities by one year to December 2024.
Additionally, ImmunityBio executed a stock purchase agreement in which all outstanding fixed-rate promissory notes held by Nant Capital and certain other Nant entities, totaling approximately $270 million, were exchanged for ImmunityBio common stock.
This funding will support ImmunityBio’s ongoing business operations and pre-commercialization efforts as it continues to advance toward potential regulatory approval for N-803 plus BCG for BCG-unresponsive non-muscle invasive bladder cancer.
Dr. Patrick Soon-Shiong expressed his commitment to ImmunityBio’s mission, emphasizing the importance of the company’s work in transforming cancer care and preventing cancer onset by activating the patient’s own immune system.
ImmunityBio is a clinical-stage biotechnology company focused on developing next-generation therapies and vaccines to bolster the natural immune system’s ability to combat cancers and infectious diseases. Their platforms aim to create durable and safe protection against these diseases, potentially reducing or eliminating the need for high-dose chemotherapy.
With this funding, ImmunityBio is well-positioned to continue its mission of advancing innovative immunotherapy and cell therapy solutions.