On May 20, 2020 Surface Oncology (Nasdaq: SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, reported that it has raised gross proceeds of approximately $28.9 million through its At-the-Market, or ATM, facility with participation based on interest received from EcoR1 Capital LLC, Venrock Healthcare Capital Partners, BVF Partners L.P., and RS Investments, a Victory Capital investment franchise (Press release, Surface Oncology, MAY 20, 2020, View Source [SID1234558308]). Surface Oncology sold approximately 10.9 million shares of its common stock at a purchase price of $2.66, the market price at the time of the sale. This transaction exhausts the balance on the $30 million ATM facility. JonesTrading Institutional Services LLC is acting as the sales agent for the ATM facility.

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These funds strengthen Surface Oncology’s balance sheet and will be used to advance its pipeline, including the clinical development of SRF617 (targeting CD39) and SRF388 (targeting IL-27), and the advancement of SRF813 (targeting CD112R, also known as PVRIG), as well as for working capital and other general corporate purposes.

The shares of common stock described above were sold by Surface Oncology pursuant to a shelf registration statement on Form S-3 (File No. 333-231114), including a sales agreement prospectus, which was declared effective by the Securities and Exchange Commission on May 8, 2019. Copies of the sales agreement prospectus may be obtained from JonesTrading Institutional Services LLC, 32133 Lindero Canyon Road, Suite 208, Westlake Village, CA 91361, Attention: Compliance Department or via telephone at (844) 566-6587 or via email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the offering, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.