CAMBRIDGE, Mass.--(BUSINESS WIRE)--Genocea Biosciences, Inc. (NASDAQ:GNCA), a clinical-stage biopharmaceutical company developing T cell-enabled vaccines and immunotherapies, today announced that, due to market conditions, it has elected not to proceed at this time with its previously announced plans to pursue an underwritten public offering of 3,400,000 shares of its common stock.
Genocea remains well capitalized and expects that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements until at least the end of 2015.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or 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.
About Genocea Biosciences, Inc.
Genocea is harnessing the power of T cell immunity to develop life-changing vaccines and immunotherapies. T cells are increasingly recognized as a critical element of protective immune responses to a wide range of diseases, but traditional discovery methods have proven unable to identify the targets of such protective immune response. Using ATLAS™, its proprietary technology platform, Genocea identifies these targets to potentially enable the rapid development of medicines to address critical patient needs. Genocea's pipeline of novel clinical stage T cell-enabled product candidates includes GEN-003 for HSV-2 therapy, GEN-004 to prevent infections caused by pneumococcus, and earlier-stage programs in chlamydia, HSV-2 prophylaxis, malaria and cancer immunotherapy.
This press release includes forward-looking statements, including statements relating to the proposed underwritten public offering. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Genocea cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Applicable risks and uncertainties include those identified under the heading "Risk Factors" included in the preliminary prospectus related to the proposed offering filed with the Securities and Exchange Commission (the “SEC”) on July 14, 2014, and in other filings that Genocea may make with the SEC in the future. These forward-looking statements speak only as of the date of this press release and Genocea assumes no duty to update forward-looking statements.