Infinity Announces Proposed Public Offering of Common Stock
CAMBRIDGE, Mass. -- December 12, 2012
Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) today announced that it has
commenced an underwritten public offering of shares of its common stock. All
of the shares in the offering are to be sold by Infinity.
The joint book-running managers for the proposed offering are Morgan Stanley &
Co. LLC and J.P. Morgan Securities LLC. BofA Merrill Lynch and Deutsche Bank
Securities Inc. are acting as co-lead managers. Additionally, Stifel Nicolaus
Weisel is acting as co-manager. Infinity intends to grant the underwriters a
30-day option to purchase up to an additional 15 percent of the amount sold to
cover over-allotments, if any. The offering is subject to market conditions,
and there can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
Infinity anticipates using the net proceeds from the offering for research and
development expenditures (including costs associated with the continuing
clinical development of its product candidate IPI-145), as well as for working
capital, capital expenditures, potential acquisitions of new businesses,
technologies or products that the company believes have the potential to
complement or expand its business, and other general corporate purposes.
The securities described above are being offered by Infinity pursuant to an
automatically effective shelf registration statement that was previously filed
with the Securities and Exchange Commission (SEC). This press release does not
constitute an offer to sell or a solicitation of an offer to buy the
securities in this offering, nor shall there be any sale of these securities,
in any state or other jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction. Preliminary and final
prospectus supplements related to the offering will be filed with the SEC and
will be available on the SEC's website located at www.sec.gov. Copies of the
preliminary and final prospectus supplements relating to this offering, in
each case with the accompanying prospectus, may be obtained, when available,
Morgan Stanley & Co. LLC J.P. Morgan Securities LLC
Attn: Prospectus Department c/o Broadridge Financial Solutions
180 Varick Street, 2nd Floor 1155 Long Island Avenue
New York, NY 10014 Edgewood, NY 11717
Phone: 866-718-1649 Phone: 866-803-9204
About Infinity Pharmaceuticals, Inc.
Infinity is an innovative drug discovery and development company seeking to
discover, develop and deliver to patients best-in-class medicines for diseases
with significant unmet need. Infinity combines proven scientific expertise
with a passion for developing novel small molecule drugs that target emerging
disease pathways. Infinity’s programs focused on the inhibition of
phosphoinositide-3-kinase and heat shock protein 90 are evidence of its
innovative approach to drug discovery and development.
This press release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995, such as those, among
others, relating to Infinity’s plans to consummate its proposed public
offering and the intended use of proceeds therefrom. Actual results may differ
materially from those projected or implied in these forward-looking
statements. Factors that may cause such a difference include, without
limitation, risks and uncertainties related to whether or not Infinity will be
able to raise capital through the sale of shares of common stock, the final
terms of the proposed offering, market and other conditions, the satisfaction
of customary closing conditions related to the proposed public offering and
the impact of general economic, industry or political conditions in the United
States or internationally. There can be no assurance that Infinity will be
able to complete the proposed public offering on the anticipated terms, or at
all. You should not place undue reliance on these forward-looking statements.
Additional risks and uncertainties relating to the proposed offering, Infinity
and its business can be found under the caption "Risk Factors" included in
Infinity's preliminary prospectus supplement filed with the SEC on December
12, 2012 and Infinity’s current report on Form 8-K filed with the SEC on
December 12, 2012, and in other filings that Infinity periodically makes with
the SEC. Any forward-looking statements contained in this press release speak
only as of the date hereof, and Infinity anticipates that subsequent events
and developments will cause its views to change. While Infinity may elect to
update these forward-looking statements at some point in the future, Infinity
expressly disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Infinity Pharmaceuticals, Inc.
Jaren Irene Madden, 617-453-1336
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