Inovio Pharmaceuticals (MKT:INO) said late Friday that it entered into a sales agreement with broker dealer Cowan and
Company LLC to sell common stock.
U.S.-based company may offer and sell its stock for total proceeds
worth $25 million. Inovio could sell their stock through Cowan by an "at
the market" (ATM) offering on the New York Stock Exchange MKT, or
through a market maker.
In addition, Inovio’s shares could also
be sold through negotiated transactions. This ATM replaces the prior
ATM contract the company already had in place.
The company develops DNA-based vaccines to treat and prevent cancers and infectious diseases.
company’s SynCon vaccines are designed to provide broad cross-strain
protection against known and newly emergent unmatched strains of
pathogens such as influenza.
These synthetic vaccines, in
combination with Inovio's proprietary electroporation delivery, have
been shown to generate positive immune responses, along with a
favourable safety profile.
Inovio's clinical programs include
phase II studies for cervical dysplasia, leukemia and the hepatitis C
virus and phase I studies for influenza and HIV.