NEW YORK – Ambrx Biopharma on Wednesday said it had raised gross proceeds of around $75 million after closing a registered direct offering of its American depositary shares.
The San Diego-based drugmaker in May had announced it had entered into a securities purchase agreement with clients managed by Darwin Global Management for the sale of approximately 5.4 million of its ADS at $13.93 per share. The company said its estimated cash, cash equivalents, and marketable debt securities as of May 31, including the proceeds from the offering, were $237.4 million.
Ambrx will use the proceeds to further develop two precision oncology treatments in its pipeline as well as for working capital and general corporate purposes. The firm is studying its lead drug candidate, the anti-HER2 antibody-drug conjugate ARX788, in breast cancer, gastric cancer, and other solid tumors.
ARX788 is undergoing a Phase II trial involving previously treated, advanced HER2-positive breast cancer patients. The drug is also under evaluation within the ongoing Phase II I-SPY2.2 trial as a neoadjuvant treatment for HER2-positive breast cancer both as a monotherapy and in combination with Regeneron's checkpoint inhibitor Libtayo (cemiplimab).
The company is also developing ARX517 in PSMA-expressing solid tumors including prostate, pancreatic, non-small cell lung, and ovarian cancers. In 2021, Ambrx began a Phase I trial of ARX517 in PSMA-expressing advanced solid tumors.
In March, Ambrx raised $78 million through an at-the-market financing, selling 16,575,826 ADS at a price of $4.83 per share.