Infinity Announces Closing of Public Offering and Exercise of Over-Allotment Option
Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) today announced the closing of its previously announced underwritten registered public offering of common stock. The total number of shares of common stock sold was 6,095,000, composed of 5,300,000 shares of common stock initially offered and an additional 795,000 shares of common stock sold pursuant to the exercise of the underwriters' over-allotment option, in each case at a public offering price of $14.50 per share. All of the shares in the offering were sold by Infinity. The gross proceeds to Infinity from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are approximately $88.4 million.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC acted as joint book-running managers for the offering.
The securities described above were offered by Infinity pursuant to a shelf registration statement that was previously filed with, and declared effective by, the Securities and Exchange Commission (SEC). The final prospectus supplement and accompanying prospectus related to this offering are located on the SEC’s website, . Copies of the final prospectus supplement and accompanying prospectus may also be obtained from:
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Infinity is an innovative drug discovery and development company seeking to discover, develop and deliver to patients best-in-class medicines for diseases with significant unmet need. Infinity combines proven scientific expertise with a passion for developing novel small molecule drugs that target emerging disease pathways. Infinity’s programs focused on the inhibition of phosphoinositide-3-kinase, heat shock protein 90 and fatty acid amide hydrolase are evidence of its innovative approach to drug discovery and development.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties relating to Infinity’s business, which can be found under the caption “Risk Factors” included in Infinity's quarterly report on Form 10-Q for the quarterly period ended June 30, 2012, filed with the SEC on August 7, 2012. Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.