NEW YORK, May 06, 2020 (GLOBE NEWSWIRE) -- TG Therapeutics, Inc. (NASDAQ: TGTX), today announced it has raised gross proceeds of approximately $60 million through its At-the-Market (ATM) facility, $40 million of which came from longtime shareholder, RA Capital Management. The Company sold approximately 3.5 million shares of the Company’s common stock on May 5, 2020, at the then-prevailing market prices.
TG Therapeutics intends to use the capital raised through the ATM to fund the ongoing development and commercialization of the Company’s lead assets, ublituximab and umbralisib, as well as for research and development activities of the Company’s pipeline, and for general corporate purposes.
Michael S. Weiss, the Company's Executive Chairman and Chief Executive Officer, commented, “On the heels of the positive topline UNITY-CLL data, we were pleased to bolster our balance sheet with $60 million, including $40 million coming unsolicited from a top-tier biotechnology investor. We greatly appreciate their continued confidence in TG and our efforts to bring the best possible treatment options to patients with B-cell diseases. We look forward to an exciting remainder of 2020, with many important upcoming milestones, including completion of our rolling NDA submission for umbralisib in previously treated marginal zone lymphoma and follicular lymphoma, topline data from the ULTIMATE program evaluating ublituximab in multiple sclerosis, as well as a regulatory submission for the combination regimen of umbralisib and ublituximab in chronic lymphocytic leukemia targeted by year-end.”
The shares of common stock were sold pursuant to an automatically-effective registration statement that the Company previously filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT TG THERAPEUTICS, INC.
TG Therapeutics is a biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for B-cell malignancies and autoimmune diseases. Currently, the company is developing multiple therapies targeting hematological malignancies and autoimmune diseases. Ublituximab (TG-1101) is a novel, glycoengineered monoclonal antibody that targets a specific and unique epitope on the CD20 antigen found on mature B-lymphocytes. TG Therapeutics is also developing umbralisib (TGR-1202), an oral, once-daily dual inhibitor of PI3K-delta and CK1-epsilon, which may lead to a differentiated safety profile. Both ublituximab and umbralisib, or the combination of which is referred to as "U2", are in Phase 3 clinical development for patients with hematologic malignancies, with ublituximab also in Phase 3 clinical development for Multiple Sclerosis. Additionally, the Company has recently brought into Phase 1 clinical development its anti-PD-L1 monoclonal antibody, cosibelimab (TG-1501), its covalently-bound Bruton’s Tyrosine Kinase (BTK) inhibitor, TG-1701, as well as its anti-CD47/CD19 bispecific antibody, TG-1801. TG Therapeutics is headquartered in New York City.
