Infinity Prices Public Offering of Common Stock
CAMBRIDGE, Mass. -- December 13, 2012
Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) today announced the pricing of
an underwritten registered public offering of 5,696,923 shares of its common
stock at a public offering price of $26.33 per share. All of the shares in the
offering are to be sold by Infinity. The offering is expected to close on or
about December 18, 2012, subject to the satisfaction of customary closing
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 has granted the underwriters a 30-day
option to purchase up to an additional 15 percent of the amount sold to cover
over-allotments, if any.
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 shares will be issued 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. A preliminary prospectus supplement related to the offering has
been filed, and a final prospectus supplement related to this offering will be
filed, with the SEC and can be accessed, when 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, from:
Morgan Stanley J.P. Morgan
Attn: Prospectus Department c/o Broadridge Financial
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 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 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 public
offering on these 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 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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