BLUE BELL, Pa., Feb. 27, 2014 /PRNewswire/ -- Inovio Pharmaceuticals, Inc. (NYSE MKT: INO) ("Inovio" or the "Company"), today announced the pricing of an underwritten public offering of 18,966,000 shares of common stock for a public offering price of $2.90 per share. The gross proceeds to Inovio from this offering are expected to be approximately $55 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company. The Company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 2,844,900 shares of common stock to cover over-allotments, if any. The offering is expected to close on or about March 4, 2014, subject to customary closing conditions.
The Company intends to use the net proceeds received from the sale of the common stock for general corporate purposes, including clinical trial expenses, research and development expenses, general and administrative expenses, manufacturing expenses and potential acquisitions of companies and technologies that complement its business.