©Reuters.
LOS ANGELES – Immix Biopharma, Inc. (NASDAQ:IMMX), a clinical-stage biopharmaceutical company, today announced its intention to conduct an underwritten public offering of its common stock.
The company, which specializes in developing cell therapies for autoimmune diseases, aims to allocate the net proceeds from this offering primarily to clinical trials of its lead cell therapy asset, NXC-201. This therapy is currently being investigated in Phase 1b/2a clinical trials for autoimmune diseases, relapsed/refractory AL amyloidosis, and multiple myeloma.
In addition to funding clinical trials, Immix Biopharma plans to use the proceeds for working capital and other general corporate purposes. The underwriters of the offering will have a 30-day option to purchase additional shares, which may expand the scope of the offering.
Titan Partners Group, LLC, a division of American Capital Partners, LLC, was appointed as sole bookkeeper for the transaction. The Company took the necessary regulatory actions and filed a shelf registration statement with the Securities and Exchange Commission (SEC), which was declared effective.
Immix Biopharma's lead asset, CAR-T NXC-201, is being evaluated in the ongoing NEXICART-1 clinical trial (NCT04720313).
The information in this article is based on the press release.
Investment Pro Insights
Insights from InvestingPro provide potential investors with a deeper financial perspective as Immix Biopharma, Inc. (NASDAQ:IMMX) navigates capital markets to support clinical trials and general corporate needs There is a possibility. The company's market capitalization is $74.9 million, which reflects its valuation in the biopharmaceutical industry. Notably, InvestingPro Tips shows that Immix Biopharma has more cash than debt, suggesting that the business's financial fundamentals are stable. This can be an important factor for investors considering participating in an initial public offering, as it can mean a lower risk of financial distress in the short term. Additionally, the stock's relative strength index (RSI) suggests it is in oversold territory, which could attract investors looking for an entry point.
However, it's important to note that the company is rapidly burning through cash and has low gross profit margins. Net income is expected to decline this year, and analysts are not forecasting profitability, so we have to weigh these factors against the company's cash position and the RSI indicator. For investors looking for comprehensive analysis, the InvestingPro platform offers additional tips. Immix Biopharma has 11 of his InvestingPro tips to give you a broader investment outlook. There is currently a special New Year sale going on with up to 50% off on InvestingPro subscriptions and investors can use coupon codes. SFY24 Purchase a 2-year InvestingPro+ subscription for an extra 10% off or SFY241 Enhance your investment research toolkit with an extra 10% off your 1-year InvestingPro+ subscription.
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