Business
ALX Oncology Reports Second Quarter 2020 Financial Results and Provides Operational and Clinical Highlights
Completed initial public offering of common stock on July 21, 2020, raising gross proceeds of $185.7 million Strengthened leadership team and expanded board
About this update from Alx Oncology Holdings Inc.
[{"type":"text","content":"Completed initial public offering of common stock on July 21, 2020, raising gross proceeds of $185.7 million\n Strengthened leadership team and expanded board of directors to support growth IND open for ALX148 in combination with azacitidine for first-line treatment of patients with higher risk myelodysplastic syndromes (MDS) BURLINGAME, Calif., Aug. 27, 2020 (GLOBE NEWSWIRE) -- ALX Oncology Holdings Inc., (“ALX Oncology” or the “Company”) (Nasdaq: ALXO) a clinical-stage immuno-oncology company developing therapies that block the CD47 checkpoint pathway, today reported financial results for the second quarter ended June 30, 2020, and operational and clinical development highlights. “Our mission is to leverage the unique profile of ALX148 to transform the lives of patients with cancer,” said Jaume Pons, Ph.D., President and Chief Executive Officer of ALX Oncology. “We believe ALX148, our lead development candidate, is emerging as a next-generation checkpoint inhibitor designed to have high affinity for CD47 and to overcome hematologic toxicity limitations associated with other CD47 blocking approaches in the clinic. With the successful completion of our initial public offering in July, we have a strong cash position to advance ALX148 in multiple clinical trials for hematologic and solid tumor malignancies in combination with a number of leading anti-cancer agents. We are focused on executing our clinical development plans and look forward to providing more updates in the future.” Operational Highlights: Completed initial public offering (“IPO”). In July 2020, ALX Oncology closed an upsized IPO of 9,775,000 of its common stock, including the exercise in full of the underwriters’ option, at a public offering price of $19.00 per share. The aggregate gross proceeds to ALX Oncology from the IPO were approximately $185.7 million, before deducting underwriting discounts and commissions and other offering expenses. The Company’s common stock commenced trading on the Nasdaq Global Select Market under the ticker symbol “ALXO” on July 17, 2020. Appointed Jeanne Jew as Chief Business Officer. In August 2020, Jeanne Jew was appointed Chief Business Officer of ALX Oncology. Ms. Jew brings to ALX Oncology over 25 years of business development and commercial planning experience in the biopharmaceutical industry, most recently serving as Senior V...