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Highlights
- The company is offering 4.2 million shares of its common stock in its initial public offering.
- The firm is expected to start trading under the ticker symbol "IMMX".
- It is expected to start trading on the Nasdaq Capital Market December 16.
The biopharmaceutical firm, Immix Biopharma, Inc. is all set to make its debut in the US market on Thursday, December 16. The company announced the pricing of its initial public offering on Wednesday.
Immix Biopharma, Inc. is a clinical-stage biopharmaceutical company that primarily engages in the development of therapies for patients with cancers and other inflammatory diseases. The company is focusing on the development of a class of tissue-specific therapeutics (TSTx) in oncology and inflammation. It is based out of Los Angeles, California.
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The lead product of the company is IMX-110, which is a negatively-charged TSTx that concurrently incapacitates resistance pathways with a poly-kinase inhibitor while instigating tumor cell death with an apoptosis inducer controlling tumor micro-environment (TME) normalization technology.
The net proceeds that will be generated from the initial public offering will be utilized to fund a planned IMX-110 Phase 2a clinical trial in soft tissue sarcoma and IMX-110 + tislelizumab Phase 1b combination trial, for IND-enabling studies for IMX-111 (colorectal cancer) and IMX-120 (inflammatory bowel disease), according to the company's release.
In addition, it would also be used for working capital and other general purposes of the company. Interested buyers may start trading the stocks upon the completion of the offerings.
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Stock offerings and pricing of the initial public offering:
The company would offer 4.2 million shares of its common stock in its initial public offering for investors. The pricing of the proposed offering would be US$5 per share, which would generate gross proceeds of US$21 million, less underwriting discounts, commissions, and offering expenses.
Meanwhile, the firm will provide a 45-day option for the underwriters to buy up to an extra 630,000 shares only for over-allotments.
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It is anticipated that the firm will make its debut in the US market through its listing on the Nasdaq Capital Market on December 16. The firm is expected to start trading under the ticker symbol "IMMX".
The expected closing day for the proposed offering is December 20, subject to usual closing conditions.
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Financial Highlights of Immix Biopharma:
For the year ended December 31, 2020, the loss from operations of the company was US$453,852, as compared to a loss of US$842,499 in the same period of the previous year. For the period, it reported a net loss of US$1.14 million, against a loss of US$0.97 million for the year ended December 31, 2019.
Immix's comprehensive loss was US$1.08 million for the year ended December 31, 2020, against a loss of US$0.95 million in the previous year.
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Bottom line:
The year 2021 has witnessed a series of IPOs. Various healthcare companies have debuted on the US market this year and have gained attention from investors. The sole book-running manager for the proposed offering is ThinkEquity.
