NEW YORK – Ambrx on Monday said it raised $78 million in net proceeds through an at-the-market financing.
La Jolla, California-based Ambrx said it will use the funds to support its development program through 2025, particularly its HER2-positive breast cancer candidate ARX788 and prostate cancer candidate ARX517.
Ambrx sold 16,575,826 American depositary shares (ADS) at an average price of $4.83 per share. Each ADS equals seven ordinary shares of the company. Upon completion of the financing on March 10, Ambrx had 386,486,014 shares outstanding.
Ambrx is studying ARX517, an anti-PSMA antibody drug conjugate, in the Phase I APEX-01 trial in PSMA-expressing advanced solid tumors. It is expecting interim safety data from that trial in the second half of 2023. ARX788 is an anti-HER2 ADC that Ambrx and partner NovoCodex Biopharmaceuticals are evaluating in several clinical trials in breast cancer, gastric cancer, and other solid tumor indications. In 2021, the University of Southern California's Norris Comprehensive Cancer Center began an Ambrx-sponsored Phase II trial of ARX788 for advanced HER2-positive breast cancer patients.
At the end of 2022, Ambrx had cash, cash equivalents, and marketable debt securities worth $101.3 million.