LOS ANGELES - Immix Biopharma, Inc. (NASDAQ:IMMX), a clinical-stage biopharmaceutical company, announced today its intention to conduct an underwritten public offering of its common stock.
The company, which specializes in developing cell therapies for autoimmune diseases, aims to allocate the net proceeds from this offering primarily to the clinical trials of its leading cell therapy asset, NXC-201. The therapy is currently under examination in a Phase 1b/2a clinical trial for autoimmune disease, as well as relapsed/refractory AL Amyloidosis and multiple myeloma.
In addition to funding its clinical trials, Immix Biopharma plans to use the proceeds for working capital and other general corporate purposes. The underwriters of the offering will be granted a 30-day option to purchase additional shares, potentially expanding the scope of the offering.
Titan Partners Group, LLC, a division of American Capital Partners, LLC, has been appointed as the sole book-running manager for the transaction. The company has taken the necessary regulatory steps, filing a shelf registration statement with the Securities and Exchange Commission (SEC), which has been declared effective.
Immix Biopharma's lead asset, CAR-T NXC-201, is being evaluated in the ongoing NEXICART-1 clinical trial (NCT04720313).
The information in this article is based on a press release.
InvestingPro Insights
As Immix Biopharma, Inc. (NASDAQ:IMMX) navigates the capital markets to support its clinical trials and general corporate needs, insights from InvestingPro could provide potential investors with a deeper financial perspective. The company's market capitalization stands at 74.9 million USD, which reflects its valuation in the biopharmaceutical industry. Notably, the InvestingPro Tips indicate that Immix Biopharma holds more cash than debt, suggesting a stable financial footing for its operations. This could be a crucial factor for investors considering participation in the public offering, as it may imply a lower risk of financial distress in the near term. Furthermore, the stock's relative strength index (RSI) suggests it is in oversold territory, which might attract investors looking for an entry point.
However, it's important to note that the company is quickly burning through cash and has weak gross profit margins. With net income expected to drop this year and analysts not anticipating profitability, these factors must be weighed against the company's cash position and RSI indication. For investors seeking comprehensive analysis, the InvestingPro platform offers additional tips—there are 11 InvestingPro Tips available for Immix Biopharma, providing a broader investment outlook. With the InvestingPro subscription now on a special New Year sale with a discount of up to 50%, investors can use coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year InvestingPro+ subscription, enhancing their investment research toolkit.
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