{"id":765979,"date":"2023-06-26T08:35:54","date_gmt":"2023-06-26T12:35:54","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/oric-pharmaceuticals-announces-85-million-private-placement-financing\/"},"modified":"2023-06-26T08:35:54","modified_gmt":"2023-06-26T12:35:54","slug":"oric-pharmaceuticals-announces-85-million-private-placement-financing","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/oric-pharmaceuticals-announces-85-million-private-placement-financing\/","title":{"rendered":"ORIC Pharmaceuticals Announces $85 Million Private Placement Financing"},"content":{"rendered":"
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\n Financing led by Nextech and includes participation from EcoR1 Capital, Frazier Life Sciences, Venrock Healthcare Capital Partners, and Boxer Capital<\/em>
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\n Pro forma cash and investments expected to fund current operating plan into late 2025<\/em>\n <\/p>\n

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, June 26, 2023 (GLOBE NEWSWIRE) — ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today has agreed to sell approximately 12.1 million shares of its common stock (or pre-funded warrants in lieu thereof) to a select group of institutional and accredited healthcare specialist investors in a private placement, at a price per share of $7.00, representing a premium of approximately 15% to ORIC\u2019s 30-day volume-weighted average price and approximately 8% to the closing price on June 23, 2023. The pre-funded warrants will have an exercise price of $0.0001 per share of common stock, will be immediately exercisable, and will remain exercisable until exercised in full. The financing is expected to close on June 27, 2023, subject to customary closing conditions. ORIC anticipates the gross proceeds from the private placement to be approximately $85 million, before deducting any offering related expenses.<\/p>\n

The financing includes participation from new and existing institutional investors and is being led by Nextech1<\/sup> with participation from EcoR1 Capital, Frazier Life Sciences, Venrock Healthcare Capital Partners, and Boxer Capital. Participating investors entered into confidentiality agreements and executed lock-up agreements with ORIC to restrict their ability to sell ORIC shares.<\/p>\n

\u201cAs the competitive profiles of multiple of our clinical programs begin to emerge with respect to internally generated data and competitor updates, the added financial firepower provided by this blue-chip syndicate of investors, both new and existing and with whom we\u2019ve had longstanding relationships, allows us to aggressively advance our pipeline for the benefit of patients,\u201d said Jacob M. Chacko, MD, chief executive officer. \u201cThe extended cash runway positions us well, and we look forward to presenting initial clinical data from our three clinical programs over the coming quarters while continuing to advance our mission of overcoming resistance in cancer.\u201d<\/p>\n

\u201cWe are thrilled to become long-term partners to ORIC\u2019s ambitious management team at this critical inflection point as they look to accelerate the development of their pipeline of differentiated programs with clinical profiles that are now emerging,\u201d said Kanishka Pothula, Partner at Nextech. \u201cWe believe that this team\u2019s broad capabilities spanning discovery research, translational expertise, thoughtfully-designed clinical trials, and strong business development networks, combined with their data driven decision-making and financial discipline, uniquely position ORIC to achieve meaningful impact on patients\u2019 lives.\u201d<\/p>\n

ORIC anticipates the following upcoming milestones:<\/p>\n