ROCHESTER, N.Y., July 31, 2019 (GLOBE NEWSWIRE) -- Vaccinex, Inc. (Nasdaq: VCNX), a clinical-stage biotechnology company pioneering novel investigational antibody therapies in cancer and Huntington’s disease, today announced that the company entered into a stock purchase agreement prior to the market close on July 26, 2019 with a syndicate of new and existing investors for a private placement of 3,382,332 shares of common stock at a purchase price of $4.08 per share for aggregate gross proceeds of approximately $13.8 million. The private placement closed on July 30, 2019. No warrants, derivatives, or financial covenants are associated with the purchase agreement.

Participants in the private placement include lead investors FCMI Parent Co. and Vaccinex (Rochester), L.L.C., both existing significant shareholders, as well as an additional major (>5%) new shareholder.

Vaccinex intends to use the net proceeds from the private placement to fund the ongoing development of its lead drug candidate, pepinemab, in cancer and Huntington’s disease and for working capital and general corporate purposes.

“We are extremely pleased to have concluded this important financing with new and existing investors who have once again expressed confidence in our team and our clinical programs. These additional funds will allow us to further advance our efforts to improve people’s lives by financing our current development plan through multiple potential value-creating milestones,” said Dr. Maurice Zauderer, President and CEO of Vaccinex.

Vaccinex also entered into a registration rights agreement with the investors in the private placement. Pursuant to the registration rights agreement, Vaccinex has agreed to, among other things, use its reasonable best efforts to file with the Securities and Exchange Commission (SEC) a registration statement covering the resale of the shares within 60 days from the closing of the transaction and commercially reasonable efforts to cause the registration statement to become effective on or prior to 90 calendar days from the closing date (or, in the event of a substantive review by the SEC, 135 calendar days).

A description of the stock purchase agreement and registration rights agreement can be found in a Form 8-K filed today with the SEC.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale are unlawful. Any offering of the securities under the resale registration statement will only be by means of a prospectus.

About Vaccinex, Inc.

Vaccinex, Inc. is a clinical-stage immunotherapy company engaged in the discovery and development of targeted biotherapeutics to treat serious diseases and conditions with unmet medical needs, including cancer, neurodegenerative diseases, and autoimmune disorders, with currently active clinical trials in Non-Small Cell Lung Cancer and Huntington’s disease. Vaccinex is based in Rochester, New York.