Inhibrx Raises $200 Million to Advance Pipeline of Candidates Targeting Oncology and Orphan Diseases

Rare Daily Staff

Inhibrx, a clinical-stage biopharmaceutical developing targeted immunotherapies for oncology and rare diseases, has entered into a securities purchase agreement for a private placement financing that is expected to result in gross proceeds of approximately $200 million.

The financing was limited to certain of the company’s existing investors, which included participation from RA Capital Management as the lead investor, Viking Global Investors, Perceptive Advisors, and TCGX.

In the PIPE, Inhibrx is selling an aggregate of 3.6 million shares of its common stock at a price of $19.35 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 6.7 million shares of common stock at a purchase price of $19.3499 per pre-funded warrant. Each pre-funded warrant has an exercise price of $0.0001 per share of common stock and is immediately exercisable and remains exercisable until exercised in full. The PIPE is expected to close by August 31, 2023, subject to customary closing conditions.

Inhibrx has four programs in ongoing clinical trials: three for the treatment of various cancers, and one for alpha-1 antitrypsin deficiency (AATD), an inherited orphan disease characterized by deficient levels of the AAT protein, which causes loss of lung tissue and function and decreased life expectancy.

The company’s candidate targeting AATD, INBRX-101, is an engineered recombinant human AAT-Fc fusion protein designed to safely achieve and maintain levels of AAT found in healthy individuals with the potential for a less frequent dosing interval compared to the weekly infusion interval of the currently available plasma-derived AAT therapies.

Inhibrx recently initiated a registration-enabling trial for INBRX-101 that is designed as a randomized, controlled, double-blind, head-to-head superiority study examining INBRX-101 against plasma-derived AAT. Inhibrx expects an initial read-out from the ElevAATe trial in late 2024.