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Inovio Pharmaceuticals Closes $15.1 Million Offering of Common Stock and Warrants
Date:3/12/2013

BLUE BELL, Pa., March 12, 2013 /PRNewswire/ -- Inovio Pharmaceuticals, Inc. (NYSE MKT: INO) today announced that it has closed an underwritten offering of 27,377,266 shares of its common stock and warrants to purchase up to 13,688,633 shares of common stock at a combined price of $0.55 per share and related warrant for gross proceeds of $15.1 million. The warrants are exercisable at an exercise price of $.7936 per share and will expire, unless exercised, on the date that is 180 days after the fifth anniversary of the date of issuance. The net proceeds from the sale of the shares and the related warrants, after deducting the underwriters' discounts and other estimated offering expenses payable by Inovio, was approximately $14.0 million, which does not include any potential proceeds from the cash exercise of any warrants.

Inovio intends to use the net proceeds of the offering (including any resulting from the exercise of the warrants) for general corporate purposes, including clinical trial expenses, research and development expenses, general and administrative expenses, manufacturing expenses and potential acquisitions of companies and technologies that complement our business.

Cowen and Company, LLC acted as sole book-running manager for the offering. Brean Capital, LLC acted as co-lead manager for the offering. Maxim Group LLC acted as co-manager. 

Dr. J. Joseph Kim , President and CEO of Inovio Pharmaceuticals, said, "We are pleased to secure this investment to further advance the development of Inovio's synthetic preventive and therapeutic vaccines. As of February 28, 2013, we had approximately $16.9 million in cash, cash equivalents, and short-term investments. With this transaction, we believe we will have capital to fund the company through 2014. This would take us through multiple important milestones including the release of unblinded efficacy data from our phase
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SOURCE Inovio Pharmaceuticals, Inc.
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