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INFI

Infinity Pharmaceuticals

$1.07 /

-0.03 (-2.73%)

07:44
01/09/20
01/09
07:44
01/09/20
07:44

Infinity Pharmaceuticals raises $20M in financing from BVF Partners

Infinity Pharmaceuticals announced a $20M non-dilutive asset-backed financing with BVF Partners, Infinity's largest shareholder. This investment by BVF entails no equity to be issued by Infinity and has its sole recourse in potential royalty payments due on future sales of patidegib, a hedgehog pathway inhibitor discovered by Infinity and licensed to PellePharm in 2013. Infinity has the right to repay the $20M plus interest to repurchase the right to future patidegib royalties during the next three years under certain conditions. Within this extended cash runway into 2H 2021, Infinity expects to generate data on approximately 525 patients from MARIO-275, MARIO-3, MARIO-1 and Arcus Biosciences' Phase 1 collaboration study evaluating IPI-549. In addition to the initial $20M payment, Infinity is eligible to receive from BVF an additional $5M payment upon positive data from PellePharm's Phase 3 trial in patients with Gorlin Syndrome. PellePharm announced the completion of enrollment in a Phase 3 trial of a topical formulation of patidegib in patients with Gorlin Syndrome in December 2019. FDA granted breakthrough therapy designation and orphan drug designation to PellePharm for a topical formulation of patidegib in patients with Gorlin Syndrome in November 2017. Infinity retains rights to all patidegib milestone payments from PellePharm of up to $9M in regulatory and first commercial sale milestones and $37.5M in sales threshold milestones. Infinity has the option to repurchase the rights to future patidegib royalties by paying BVF an amount equal to the principal amount received by Infinity plus interest at any time when the 20-day volume weighted average price per share of Infinity's common stock exceeds $5.00 during the next three years. Furthermore, Infinity retains its approximately 1% equity interest in PellePharm. PellePharm has previously announced that LEO Pharmaceuticals has the right to acquire PellePharm following Phase 3 data for total potential consideration of $690M. If, during the period ending three years from the date of the agreement or earlier in the event Infinity has exercised its repurchase option for future patidegib royalties from BVF, Infinity completes future equity financings above a specified share quantity threshold and below a specified price threshold, then Infinity has agreed to provide BVF with 50% warrant coverage at a 50% premium to the price at which such shares in excess of the share quantity threshold were sold.

INFI Infinity Pharmaceuticals
$1.07 /

-0.03 (-2.73%)

11/18/19 B. Riley FBR
Infinity Pharmaceuticals resumed with a Buy at B. Riley FBR
06/27/19
Fly Intel: Top five analyst initiations
06/27/19
Oppenheimer bullish on Infinity Pharmaceuticals, initiates with an Outperform
06/26/19 Oppenheimer
Infinity Pharmaceuticals initiated with an Outperform at Oppenheimer

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