On May 21, 2019 Inhibrx, Inc. ("Inhibrx"), a clinical-stage biotechnology company developing a broad pipeline of novel biologic therapeutic candidates, reported that it has entered into an agreement with Viking Global Investors LP ("Viking") for the offering and sale of convertible promissory notes in a private placement transaction in the aggregate principal amount of $40 million (Press release, Inhibrx, MAY 21, 2019, View Source [SID1234536939]). Inhibrx has received approximately $205 million since inception, including raising $135 million in investor equity and debt and receiving $70 million in licensing and grant payments.
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Viking joins existing Inhibrx investors RA Capital, Lilly Asia Ventures, ArrowMark Partners, WuXi Biologics and Alexandria.
"We are pleased to welcome Viking Global to our supportive investor syndicate," said Mark Lappe, Chief Executive Officer of Inhibrx. "This new investment, coupled with our current investor support, provides us with additional capital to advance our pipeline, including our three clinical-stage programs with two additional programs expected to enter the clinic this year, and our proprietary sdAb platform."
Evercore served as sole financial advisor to Inhibrx in connection with this issuance.
About the Inhibrx sdAb Platform
Inhibrx utilizes diverse methods of protein engineering in the construction of therapeutic candidates that can address the specific requirements of complex target and disease biology. A key tool for this effort is the Inhibrx proprietary sdAb platform, which enables the development of therapeutic candidates with attributes superior to other monoclonal antibody and fusion protein approaches. This platform enables the construction of molecules that contain multiple binding units with defined valency or multiple specificities. These novel antibodies can be combined to create therapeutic candidates with the potential to achieve enhanced cell signaling or conditional activation. Importantly, these optimized, multi-functional entities can be manufactured using the established processes that are common in the production of therapeutic proteins.