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Ignyta Announces Proposed Public Offering of Common Stock

SAN DIEGO, Apr 27, 2016 (BUSINESS WIRE) -- Ignyta, Inc. RXDX, +0.40% ("Ignyta"), a precision oncology biotechnology company, today announced that it has commenced an underwritten public offering to sell approximately $50.0 million of shares of its common stock. In connection with this offering, Ignyta expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering at the public offering price, less the underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurances as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Ignyta anticipates using the net proceeds from the offering to fund research and development activities for its development programs, including, but not limited to, the clinical development of entrectinib, to conduct ongoing clinical and pre-clinical development of other pipeline assets such as taladegib, RXDX-105, RXDX-106 and its Spark discovery programs, to complete development activities related to the diagnostic lab and companion diagnostics for each of its targeted therapeutics, and for working capital and other general corporate purposes.

J.P. Morgan Securities LLC is acting as lead book-running manager for the offering. Piper Jaffray & Co. is also acting as a book-running manager.

The shares described above are being offered by Ignyta pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously...