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Today, Immix Biopharma , Inc. (NASDAQ:IMMX), a $72.5 million market cap biotech company whose stock has surged over 30% in the past week, announced it has entered into an At The Market Offering Agreement with Citizens JMP Securities, LLC. This agreement allows Immix Biopharma to offer and sell shares of its common stock, at its discretion, through the agent as its sales representative. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, though it’s currently burning through cash reserves rapidly.
The sales will be conducted under Immix Biopharma’s existing Registration Statement on Form S-3, which was filed with the Securities and Exchange Commission in January 2023. The company will not exceed the number of shares registered or available under the registration statement, nor exceed the authorized but unissued shares.
Under this agreement, Immix Biopharma will pay the agent a commission of 3% of the gross sales proceeds from any stock sold. Additionally, the company will reimburse the agent for certain expenses related to the agreement, up to a maximum of $50,000.
The agreement specifies that sales can be made through various methods, including privately negotiated and block transactions, in compliance with applicable laws and regulations. This announcement is based on a press release statement. InvestingPro subscribers can access 8 additional key tips about IMMX’s financial health and growth prospects, along with detailed valuation metrics and analyst forecasts.
In other recent news, Immix Biopharma has reported promising results from its Phase 1/2 NEXICART-2 clinical trial for NXC-201, targeting AL Amyloidosis. The trial demonstrated a complete response rate of 70% to 71% with no relapses and a favorable safety profile, marking a significant improvement over current treatments that typically yield less than a 10% complete response rate. Immix Biopharma plans to submit a Biologics License Application for FDA approval based on these findings. The company has also accelerated the NEXICART-2 trial enrollment, with 14 U.S. sites now actively enrolling patients, up from four sites previously. The therapy, NXC-201, has been granted Regenerative Medicine Advanced Therapy and Orphan Drug Designation by the FDA due to its promising initial data. These developments were presented at the American Society of Clinical Oncology Annual Meeting by Dr. Heather Landau from Memorial Sloan Kettering Cancer Center. The Amyloidosis market is projected to grow to $6 billion by 2025, highlighting the potential impact of these findings. Immix Biopharma’s CEO, Dr. Ilya Rachman, expressed optimism about the trial’s growth and its potential to address the unmet medical need in AL Amyloidosis treatment.
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