ORIC Pharmaceuticals Announces $125 Million Private Placement Financing

Funding from new and existing investors including Viking Global Investors, Commodore Capital, Frazier Life Sciences, Venrock Healthcare Capital Partners, New Enterprise Associates (NEA), and Nextech

Pro forma cash and investments expected to fund current operating plan into late 2026

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Jan. 22, 2024 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today announced that it has agreed to sell approximately 12.5 million shares of its common stock to a select group of institutional and accredited healthcare specialist investors in a private placement, at a price per share of $10.00, representing a premium of approximately 10% to ORIC’s 5-day trailing average price. The financing is expected to close on January 23, 2024, subject to customary closing conditions. ORIC anticipates the gross proceeds from the private placement to be approximately $125 million, before deducting any offering related expenses.

The financing includes participation from new and existing institutional investors, including Viking Global Investors, Commodore Capital, Frazier Life Sciences, Venrock Healthcare Capital Partners, NEA, and Nextech¹.

ORIC intends to use the net proceeds from the proposed financing to fund research and development of its clinical-stage product candidates and research programs and for working capital and general corporate purposes. The proceeds from this financing, combined with current cash, cash equivalents and marketable securities, is expected to be sufficient to fund the current operating plan into late 2026.

The securities described above have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. ORIC has agreed to file a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of the shares of common stock issued in this private placement. Any offering of the securities under the resale registration statement will only be made by means of a prospectus.