Ignyta Announces Effectiveness of Form S-1 Resale Registration Statement
SAN DIEGO--(BUSINESS WIRE)--Ignyta, Inc. (OTCQB:RXDX), an oncology precision medicine biotechnology company, announced today that on February 11, 2014, the Securities and Exchange Commission declared effective the company’s registration statement on Form S-1 relating to resale of up to 9,010,238 shares of Ignyta’s common stock, par value $0.00001 per share, by certain selling stockholders. The company registered these shares to satisfy commitments it made in connection with the raising of approximately $54 million in equity financing to certain institutional investors and high net worth individuals.
“We are pleased that the SEC has declared our Form S-1 effective”
“We are pleased that the SEC has declared our Form S-1 effective,” said Jonathan Lim, M.D., Chairman and CEO of Ignyta. "This will enable holders of approximately 67% of our outstanding common stock to offer and sell their shares from time to time. As a result, we expect that a more liquid trading market in our shares could develop over the coming months.”
The resale registration statement, while effective, allows selling stockholders to publicly resell their shares of Ignyta common stock, subject to the satisfaction by selling stockholders of the prospectus delivery requirements of the Securities Act of 1933, as amended, in connection with any such resale. The company will not receive any proceeds from any sales by selling stockholders, and the company is not aware of any plans by selling stockholders to effect such resales.
The offering of these securities may only be made by means of a prospectus. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. The registration statement may be accessed through the SEC's website at www.sec.gov. A copy of the prospectus related to the offering may be obtained from Ignyta, Inc., 11095 Flintkote Ave., Suite D, San Diego, CA 92121, or by calling (858) 255-5959.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the company’s securities, nor shall there be any sale of these securities in any state in which offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Ignyta, Inc.
Ignyta, Inc., located in San Diego, California, is a biotechnology company developing precision medicine with integrated Rx/Dx solutions for cancer patients. Our goal is to discover and develop revolutionary new drugs that target activated genes in cancer cells for the customized treatment of cancer patients. Our present focus is on the development of RXDX-101 and RXDX-102, our proprietary oral tyrosine kinase inhibitors that target solid tumor indications, and advancing our novel Spark discovery programs that leverage our proprietary cancer genomic and epigenomic knowledge bases. For more information, please visit: www.ignyta.com.
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to the potential for a liquid trading market for our common stock to develop; our novel technologies and methods; our progress in developing new oncology therapies; our business and product development plans; and market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, our ability to raise the additional funding we will need to continue to pursue our business and product development plans; the inherent uncertainties associated with developing new products or technologies and operating as a development stage company; our ability to develop, complete clinical trials for, obtain approvals for and commercialize any of our product candidates; competition in the industry in which we operate and market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents we file with the SEC available at www.sec.gov, including without limitation our Current Report on Form 8-K dated October 31, 2013 and amended November 14, 2013 and December 9, 2013.