India, Oct. 8 -- ADC Therapeutics (ADCT) announced a comprehensive financial restructuring, including an $86.6 million private placement, amendments to its HealthCare Royalty agreement and refinancing of its senior secured loan, aimed at strengthening its balance sheet and extending its expected cash runway into 2029.
Under the private placement, ADC Therapeutics will sell 12.9 million common shares at $1.42 per share and pre-funded warrants to purchase 48.1 million shares at $1.32 per warrant. The financing includes participation from new investor Bain Capital Life Sciences and existing investors Redmile, TCGX and Nantahala Capital.
The PIPE is expected to generate gross proceeds of approximately $86.6 million before fees and expenses an...