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ImmunityBio Strengthens Balance Sheet with $100 Million of Financing Transactions Including $75 Million of Non-Dilutive Financing to Support Global Expansion and Advancement of Broader Immunotherapy Pipeline
ImmunityBio to receive $75 million in non-dilutive funding under existing Revenue Interest Purchase Agreement (RIPA) with Oberland Capital, bringing total
About this update from Immunitybio, Inc.
[{"type":"text","content":"\n\nImmunityBio to receive $75 million in non-dilutive funding under existing Revenue Interest Purchase Agreement (RIPA) with Oberland Capital, bringing total committed capital to $375 million\n\n\n\nSimultaneously conversion of $25 million of the outstanding promissory note held by Nant Capital, an entity affiliated with Executive Chairman bolstering ImmunityBio’s balance sheet with reduction in the debt\n\n\n\nProceeds strengthen ImmunityBio’s balance sheet and support global expansion following recent approvals, while advancing company’s broader immunotherapy pipeline\n\n\n\n CULVER CITY, Calif.--(BUSINESS WIRE)--\nImmunityBio, Inc. (NASDAQ: IBRX), a vertically integrated, commercial-stage immunotherapy company, today announced it has secured $75 million in non-dilutive financing under its existing Royalty Interest Purchase Agreement (RIPA) with Oberland Capital, increasing the total committed capital under the Agreement to $375 million. The amended agreement maintains existing terms, with a modest increase in the royalty payback rate while maintaining the royalty cap.\n\n\n“This additional non-dilutive financing gives us the capacity to continue scaling our commercial efforts and expanding globally following recent ANKTIVA® approvals, while positioning us to take full advantage of the growth opportunities ahead,” said Richard Adcock, President and CEO of ImmunityBio. “The strengthening of the company’s balance sheet through non-dilutive financing from Oberland, combined with the Founder’s reduction of debt, supports our global expansion following recent approvals and the advancement of our immunotherapy pipeline.”\n\n\nSimultaneous with the closing of the amendment to the RIPA, Nant Capital, LLC, an entity affiliated with our Executive Chairman, converted $25 million principal amount with the issuance of 4.6 million shares of the company’s common stock to Nant Capital, LLC and the reduction of debt under the $505 million December 2024 Promissory Note.\n\n\n“The non-dilutive financing from Oberland and the conversion of debt to equity by Nant Capital, reflect strong confidence in ImmunityBio’s strategy and growth potential as a leading immunotherapy company paving the way for next-generation immunotherapy treatments,” said Patrick Soon-Shiong, M.D., Founder, Executive Chairman and Global Chief Medical and Scientific Officer o...