Actinium Pharmaceuticals, Inc. (NYSE AMERICAN: ATNM) today announced the closing of the Company's previously announced underwritten public offering of 210,833,334 shares of common stock (or common stock equivalents in lieu thereof) at an effective public offering price of $0.15 per share of common stock (or common stock equivalent), which includes the full exercise of the underwriters' option to purchase additional shares of common stock.
H.C. Wainwright & Co. acted as the sole book-running manager for the offering. Maxim Group LLC and JonesTrading acted as co-managers for the offering.
The gross proceeds from this offering to Actinium are expected to be approximately $31.6 million, before deducting underwriting discounts and commissions and other offering expenses payable by Actinium. Actinium intends to use the net proceeds from the offering to complete its ongoing pivotal, Phase 3 SIERRA trial for its lead product candidate, Iomab-B, and support its BLA filing. Net proceeds from this offering will also be used to progress Phase 1 trials from its refocused CD33 program to the proof of concept stage and support its AWE Technology Platform, Iomab-ACT program, research and development and general working capital needs.
About Actinium Pharmaceuticals, Inc.
Actinium Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing ARCs or Antibody Radiation-Conjugates, which combine the targeting ability of antibodies with the cell killing ability of radiation. Actinium's lead application for our ARCs is targeted conditioning, which is intended to selectively kill patient's cancer cells and certain immune cells prior to a BMT or Bone Marrow Transplant, CAR-T and other cell therapies or gene therapy to enable engraftment of these transplanted cells with minimal toxicities. With our ARC approach, we seek to improve patient outcomes and access to these potentially curative treatments by eliminating or reducing the non-targeted chemotherapy that is used for conditioning in standard practice currently. Our lead product candidate, Iomab-B is being studied in the ongoing pivotal Phase 3 Study of Iomab-B in Elderly Relapsed or Refractory Acute Myeloid Leukemia (SIERRA) trial for BMT conditioning. The SIERRA trial is over fifty percent enrolled and promising single-agent, feasibility and safety data has been highlighted at ASH, TCT, ASCO and SOHO annual meetings. Beyond Iomab-B, we are developing a multi-disease, multi-target pipeline of clinical-stage ARCs targeting the antigens CD45 and CD33 for targeted conditioning and as a therapeutic either in combination with other therapeutic modalities or as a single agent for patients with a broad range of hematologic malignancies including acute myeloid leukemia, myelodysplastic syndrome and multiple myeloma. Underpinning our clinical programs is our proprietary AWE (Antibody Warhead Enabling) technology platform. This is where our intellectual property portfolio of over 100 patents, know-how, collective research and expertise in the field are being leveraged to construct and study novel ARCs and ARC combinations to bolster our pipeline for strategic purposes. Our AWE technology platform is currently being utilized in a collaborative research partnership with Astellas Pharma, Inc.
