NEW YORK, Feb. 01, 2018 (GLOBE NEWSWIRE) -- Actinium Pharmaceuticals, Inc. (NYSE American:ATNM) ("Actinium" or "the Company") announced today that it has filed a preliminary prospectus supplement as a part of a registration statement on Form S-3 with the Securities and Exchange Commission (SEC) for a rights offering to stockholders and certain participating warrant holders of record on Wednesday, February 14, 2018.
Under the proposed rights offering, Actinium would distribute non-transferable subscription rights to purchase 35,714,285 units at a subscription price per unit of $0.70, to its stockholders and certain participating warrant holders on the record date. The subscription rights will be exercisable for up to an aggregate of $25.0 million of units, subject to increase at the discretion of the Company, with aggregate participation to be allocated among holders on a pro rata basis if in excess of that threshold.
Each unit will consist of one share of common stock, 0.25 series A warrants and 0.75 series B warrants. The series A warrants will have a term of 12 months from the date of issuance and will be exercisable at a price of $0.90. The series B warrants will have a term of 30 months from the date of issuance and will have an exercise price of $1.10. Holders who fully exercise their basic subscription rights will be entitled, if available, to subscribe for an additional amount of units that are not purchased by other holders, on a pro rata basis and subject to the $25.0 million aggregate offering threshold and other ownership limitations. The subscription rights are non-transferrable and may only be exercised during the anticipated subscription period of Thursday, February 15, 2018 through 5:00 PM ET on Friday, March 2, 2018, unless extended.
Investors are advised to ensure they own Actinium’s stock as of 4:00 PM ET on Monday, February 12, 2018 to be considered a stockholder of record on Wednesday, February 14, 2018, to take into account T+2 settlement timing.
The expected calendar for the rights offering is as follows:
- Monday, February 12, 2018: Buy-In Deadline - to be considered a stockholder of record on Wednesday, February 14, 2018, shares should be acquired by this date.
- Wednesday, February 14, 2018: Record Date*
- Thursday, February 15, 2018: Distribution Date; Subscription Period Begins
- Friday, March 2, 2018: Subscription Period Ends 5:00 PM ET *
* Unless extended in Actinium’s sole discretion
Actinium intends to use the proceeds from the rights offering to complete its ongoing pivotal, Phase 3 SIERRA trial for its lead product candidate Iomab-B, generate topline results and support the filing of a BLA application with the U.S. Food and Drug Administration (FDA) all of which are anticipated to be approximately $12 to $15 million. Iomab-B is a first in class therapy being developed for myeloablation and conditioning of the bone marrow prior to a bone marrow transplant for patients with relapsed or refractory acute myeloid leukemia (AML) age 55 and older. The SIERRA trial is randomized and controlled 150-patient trial that is currently active at 15 clinical trial sites in the United States. Actinium’s CD33 program is currently comprised of an ongoing Phase 2 clinical trial for Actimab-A and Phase 1 trial for Actimab-M which are expected to generate top line results in 2018 as well as a planned Phase 2 trial for Actimab-MDS. The Company intends to partner the CD33 program and believes that data from these trials as well as the Actimab-MDS trial will support this strategy and establish its program as the industry leader. Consequently, the Company may elect to use any additional proceeds above $15 million to fund proof-of-concept of its planned Phase 2 Actimab-MDS trial from the CD33 Program, if appropriate, as it believes this can further support its partnering strategy for the CD33 program. Actinium will also use the proceeds to support its AWE Technology Platform, research and development and general working capital needs.
Actinium has engaged Maxim Group LLC as dealer-manager for the Rights Offering. Questions about the rights offering or requests for a prospectus may be directed to Broadridge Corporate Issuer Solutions, Inc., Actinium’s information agent for the rights offering, by calling (855) 793-5068 (toll-free); or to Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, email: syndicate@maximgrp.com or telephone (212) 895-3745.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other 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.
A registration statement on Form S-3 relating to these securities has been filed by the Company with the SEC. The rights offering will only be made by means of a prospectus. A preliminary prospectus relating to and describing the proposed terms of the rights offering has been filed with the SEC as a part of the registration statement and is available on the SEC’s web site.
About Actinium Pharmaceuticals, Inc.
Actinium Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing targeted therapies for potentially superior myeloablation and conditioning of the bone marrow prior to a bone marrow transplant and for the targeting and killing of cancer cells. Our targeted therapies have demonstrated the potential to result in significantly improved access to bone marrow transplant with better outcomes, namely increased marrow engraftment and survival. Our targeted therapies are ARC’s or Antibody Radio-Conjugates that combine the targeting ability of monoclonal antibodies with the cell killing ability of radioisotopes. Three of our four ARC drug candidates are based on our AWE or Actinium Warhead Enabling Technology Platform that utilizes the isotope Actinium-225 (Ac-225) which emits alpha particles. We are currently conducting clinical trials for our four product candidates; Iomab-B, Actimab-A Actimab-M and Actimab-MDS, as well as performing research on other potential drug candidates utilizing our proprietary AWE Technology Platform. Our most advanced product candidate, Iomab-B, an ARC developed by the Fred Hutchinson Cancer Research Center, is comprised of an anti-CD45 monoclonal antibody labeled with iodine-131. We are currently conducting a pivotal Phase 3 trial of Iomab-B for myeloablation and conditioning of the bone marrow prior to a bone marrow transplant for patients with relapsed or refractory acute myeloid leukemia (AML) age 55 and older. A bone marrow transplant is a potentially curative treatment for patients with AML and other blood cancers including leukemias, lymphomas and multiple myeloma as well as certain blood disorders. Iomab-B has been tested in several of these other cancers with over five hundred patients treated in several Phase 1 and 2 trials with promising results. Upon successful completion of our Phase 3 clinical trial for Iomab-B we intend to submit this candidate for marketing approval in the U.S. and European Union where it has been designated as an Orphan Drug. We are also developing a potentially best in class CD33 program using an ARC comprised of the anti-CD33 monoclonal antibody lintuzumab labeled with the alpha-particle emitter Ac-225. Our most CD33 program candidate, Actimab-A, is currently in a Phase 2 clinical trial for patients advanced over the age of 60 who are newly diagnosed with AML and ineligible for standard induction chemotherapy. Actimab-A also has Orphan Drug designation in the US and EU. Actimab-M, our second CD33 targeting ARC, is being studied in a Phase 1 trial for patients with refractory multiple myeloma. Actinium is also planning a Phase 2 trial for Actimab-MDS, our third CD33 program candidate, as a conditioning regimen prior to a bone marrow transplant for patients with MDS that have a p53 genetic mutation. Our AWE or Actinium Warhead Enabling Technology Platform, originally developed in conjunction with Memorial Sloan Kettering Cancer Center, is focused on leveraging Actinium’s know how and intellectual property to create additional ARC drug candidates by labeling Ac-225 to targeting moieties that we will either progress in clinical trials ourselves or out-license.
More information is available at www.actiniumpharma.com and our Twitter feed @ActiniumPharma, www.twitter.com/actiniumpharma.
Contact:
Actinium Pharmaceuticals, Inc.
Steve O'Loughlin
Principal Financial Officer
soloughlin@actiniumpharma.com
Investor Relations
Marek Ciszewski, J.D.
949.574.3860
ATNM@liolios.com