IGM Biosciences Announces Fourth Quarter and Full Year 2019 Financial Results and Provides Corporate Update

– Initial data from Phase 1 trial of IGM-2323 in relapsed/refractory non-Hodgkin’s lymphoma expected in the second half of 2020 –

– IND filing for IGM-8444 planned in 2020 –

– Company to host conference call today at 4:30 p.m. ET –

MOUNTAIN VIEW, Calif., March 26, 2020IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies, today announced its financial results for the fourth quarter and full year ended December 31, 2019 and provided an update on recent developments.

“2019 was a transformational year for IGM.  The many highlights of the year included our successful initial public offering and the initiation of our first-in-human trial for our lead product candidate, IGM-2323, a CD20 x CD3 bispecific IgM antibody, in patients with relapsed/refractory non-Hodgkin’s lymphoma (NHL),” said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. “We expect continued progress in 2020, with the filing of an Investigational New Drug application (IND) with the Food and Drug Administration (FDA) for our second product candidate, IGM-8444 and the presentation of initial data from our clinical trial of IGM-2323. With thanks to the IGM team, we believe we are well positioned to remain the global leader in the research and development of engineered therapeutic IgM antibodies.”

Recent Highlights and Pipeline Updates

IGM-2323 – Phase 1 trial initiated: In October 2019, IGM announced dosing of the first patient in its Phase 1 clinical trial evaluating IGM-2323 in patients with relapsed/refractory B cell NHL. This Phase 1 clinical trial represents the first-in-human application of IGM Biosciences’ engineered IgM antibody technology. IGM expects to report initial data from this Phase 1 trial in the second half of 2020.

IGM-8444 – IND filing planned: IGM expects to file an IND application with the FDA for IGM-8444 in 2020, initially for the treatment of patients with solid tumors.  IGM-8444 is an IgM antibody targeting the Death Receptor 5 (DR5) protein, which is broadly expressed on a broad range of solid and hematologic malignancies.

IGM-7354 – Next candidate announced: IGM nominated IGM-7354 as its third clinical candidate. IGM-7354 is a targeted IL-15 immune stimulating antibody which demonstrates another use of IGM’s novel J chain based bispecific technology.  In this case, the immune stimulating IL-15 is displayed on the J chain of an anti-PD-L1 IgM antibody, which serves to display the immune stimulating IL-15 on the surface of PD-L1 positive cells, such as cancer cells. IGM expects to file an IND with the FDA for IGM-7354 in 2021.

Fourth Quarter and Full Year 2019 Financial Results

 Cash and Investments: Cash and investments as of December 31, 2019 were $236.6 million.

  • Research and Development (R&D) Expenses:  For the fourth quarter and year ended 2019, R&D expenses were $12.8 million and $35.3 million, respectively.
  • General and Administrative (G&A) Expenses:  For the fourth quarter and year ended 2019, G&A expenses were $3.2 million and $9.2 million, respectively.
  • Net Loss: For the fourth quarter of 2019, net loss was $14.8 million, or a loss of $0.49 per share. For the year ended 2019, net loss was $43.1 million, or a loss of $4.80 per share.
  • Shares Outstanding: Weighted-average shares outstanding for the fourth quarter of 2019 were 30.5 million and for the full year of 2019 were 9.0 million shares.

2020 Financial Guidance

IGM estimates non-GAAP operating expenses for 2020 of approximately $75 – $85 million, excluding estimated non-cash stock-based compensation expense of approximately $8 million. Including non-cash stock-based compensation expense, IGM estimates GAAP operating expenses for 2020 of $83 – $93 million. IGM also expects to end 2020 with a balance of over $140 million in cash and investments.

Conference Call and Webcast

IGM will host a conference call and webcast to discuss this announcement today, March 26, at 4:30 p.m. ET. To access the live call by phone please dial (866) 649-1996 (domestic) or (409) 217-8769 (international); the conference ID is 2991398. A live audio webcast of the event may also be accessed through the “Investors” section of IGM’s website at www.igmbio.com. A replay of the webcast will be available for 30 days following the event through 11:59p.m. ET on April 25, 2020.

About IGM Biosciences, Inc.

Headquartered in Mountain View, California, IGM Biosciences is a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including statements relating to IGM’s plans, expectations and forecasts and to future events. Such forward-looking statements include, but are not limited to, the potential of, and expectations regarding, the Company’s IgM technology platform, statements regarding the Company’s Phase 1 clinical trial of IGM-2323, including the timing of reporting initial data from the clinical trial, the timing of filing an IND for IGM-8444, the Company’s future financial and operating performance, including its guidance for the full year 2020 and year end 2020 cash and investments balance, and statements by IGM’s Chief Executive Officer. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially, including but not limited to: potential delays and disruption resulting from the COVID-19 coronavirus pandemic and governmental responses to the pandemic, including any future impacts to IGM’s operations, the manufacturing of its product candidates, the progression of its current clinical trials, and enrollment in its current and future clinical trials; IGM’s early stages of clinical drug development; risks related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; IGM’s ability to advance product candidates into, and successfully complete, clinical trials on the timelines it projects; IGM’s ability to adequately demonstrate sufficient safety and efficacy of its product candidates; IGM’s ability to enroll patients in its ongoing and future clinical trials; IGM’s ability to successfully manufacture and supply its product candidates for clinical trials; IGM’s ability to accurately forecast future financial results in the current environment; IGM’s ability to obtain additional capital to finance its operations, if needed; uncertainties related to the projections of the size of patient populations suffering from the diseases IGM is targeting; IGM’s ability to obtain, maintain and protect its intellectual property rights; developments relating to IGM’s competitors and its industry, including competing product candidates and therapies; general economic and market conditions; and other risks and uncertainties, including those more fully described in IGM’s filings with the Securities and Exchange Commission (“SEC”), including IGM’s Annual Report on Form 10-K filed with the SEC on March 26, 2020 and in IGM’s future reports to be filed with the SEC.  Any forward-looking statements contained in this press release speak only as of the date hereof, and IGM specifically disclaims any obligation to update any forward-looking statement, except as required by law.

 

 

Contact:
Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com

 

IGM Biosciences to Announce Fourth Quarter and Year-end 2019 Financial Results and Host Conference Call and Webcast on March 26, 2020

MOUNTAIN VIEW, Calif., March 19, 2020IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies, today announced that it will report its fourth quarter and year-end 2019 financial results on Thursday, March 26, 2020.

In connection with the earnings release, IGM’s management team will host a live conference call and webcast at 4:30 p.m. ET on Thursday, March 26, 2020, to discuss the Company’s financial results and provide a corporate update.

Conference ID: 2991398
Domestic Dial-in Number: (866) 649-1996
International Dial-in Number: (409) 217-8769
Live Webcast: https://edge.media-server.com/mmc/p/vw87ve5n

A replay of the audio webcast will be available for 30 days on the Investors section of the Company’s website, www.igmbio.com.

About IGM Biosciences, Inc.
Headquartered in Mountain View, California, IGM Biosciences is a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Contact:

Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com

IGM Biosciences to Present at Two Upcoming Investor Conferences

MOUNTAIN VIEW, Calif., March 04, 2020  — IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies, today announced that members of the management team will present at two upcoming investor conferences:

  • Barclays Global Healthcare Conference on Wednesday, March 11 at 3:20 p.m. ET in Miami.
  • Oppenheimer 30th Annual Healthcare Conference on Wednesday, March 18 at 8:35 a.m. ET in New York.

A live webcast of the events will be available on the “Events and Presentations” page in the “Investors” section of the Company’s website at https://investor.igmbio.com/news-and-events/events-and-presentations. A replay of the webcasts will be archived on the Company’s website for 90 days following the presentation.

About IGM Biosciences, Inc.
Headquartered in Mountain View, California, IGM Biosciences is a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Contact:

Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com

IGM Biosciences to Present at Two Upcoming Investor Conferences

MOUNTAIN VIEW, Calif., Feb. 06, 2020 – IGM Biosciences, Inc. (Nasdaq: IGMS), a global leader in the research and development of engineered therapeutic IgM antibodies, today announced that Fred Schwarzer, Chief Executive Officer, will present at two upcoming investor conferences:

  • Guggenheim Healthcare Talks Idea Forum Oncology Day on Thursday, February 13 at 1:30 p.m. ET in New York.
  • Cowen and Company 40th Annual Health Care Conference on Monday, March 2 at 2:10 p.m. ET in Boston.

A live webcast of the events will be available on the “Events and Presentations” page in the “Investors” section of the Company’s website at https://investor.igmbio.com/news-and-events/events-and-presentations. A replay of the webcasts will be archived on the Company’s website for 90 days following the presentation.

About IGM Biosciences, Inc.
Headquartered in Mountain View, California, IGM Biosciences is a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies for the treatment of cancer patients. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Contact:

Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com

IGM Biosciences Appoints Eric Humke, M.D., Ph.D., as Vice President, Clinical Development, Apoptosis

Expert in the research and development of apoptotic pathways and antibody drug conjugates.

MOUNTAIN VIEW, Calif., January 7, 2020IGM Biosciences, Inc. (Nasdaq: IGMS), a global leader in the research and development of engineered therapeutic IgM antibodies, today announced the appointment of Eric Humke, M.D., Ph.D., to the newly created position of Vice President, Clinical Development, Apoptosis. Dr. Humke will join Daniel S. Chen, Chief Medical Officer, and Wayne Godfrey, Vice President, Clinical Development, to lead the global clinical development of IGM’s emerging pipeline of proprietary IgM antibodies.

“Eric’s experience in developing numerous first-in-human therapeutics in multiple cancer indications, including several different antibody drug conjugates, will provide strong support for the expansion of the clinical development of our industry-leading IgM technology platform,” said Fred Schwarzer, Chief Executive Officer of IGM Biosciences.

Dr. Humke commented, “Apoptotic, also known as programmed cell death, pathways are highly conserved throughout evolution, and evasion of cell death is absolutely fundamental to the formation of cancer. Targeting of these pathways may have immense therapeutic potential for treating cancer and needs to be realized.  I believe IGM’s innovative and proprietary approach to engineering and producing IgM-based agonists is an excellent match for this biology, and I am extremely excited to have the opportunity to build and lead the clinical research and development efforts in apoptosis at IGM Biosciences.”

Dr. Humke joins IGM with more than 15 years of experience in apoptosis research and early clinical development of first-in-human therapeutics in solid tumors, most recently serving as Senior Medical Director at Genentech. While at Genentech, he led multiple clinical investigation programs in Research & Early Clinical Development, including the study of six different antibody drug conjugates in lung, ovarian, and endometrial cancer, as well as multiple myeloma. Prior to joining Genentech, he was an Instructor of Medicine in the Division of Oncology at the Stanford University School of Medicine where he conducted research and clinical studies.

“Eric studied apoptosis biology with Vishva Dixit at the University of Michigan and at Genentech, during a time when they discovered and characterized many of these critical pathways, including death receptor 5 (DR5). Those early studies performed by Dr. Humke and others in the Dixit lab represents the foundation of our understanding of these critical cellular death and survival factors for cancer. However, therapeutic technologies needed to optimally target trimerizing Tumor Necrosis Super Family Receptors (TNSFRs) such as DR5 have been lacking,” said Daniel S. Chen, Chief Medical Officer of IGM Biosciences. Dr. Chen continued, “With our multimerizing IgM anti-DR5 agonists, we look forward to Eric leveraging his depth of apoptotic scientific expertise and early clinical development experience in solid tumor indications to lead these programs and further extend IGM’s clinical development capabilities.”

Dr. Humke has co-authored multiple clinical and scientific publications and book chapters. He earned a B.S. at Brown University and an M.D., Ph.D. from the University of Michigan. He completed his internal medicine residency at Washington University in St. Louis (Barnes-Jewish Hospital) and a medical oncology fellowship at Stanford University.

About IGM Biosciences, Inc.

Headquartered in Mountain View, California, IGM Biosciences is a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies for the treatment of cancer patients. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IGM Biosciences’ future plans, strategy and performance. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially, including those more fully described in IGM Biosciences’ filings with the Securities and Exchange Commission (“SEC”), including IGM Biosciences’ Quarterly Report on Form 10-Q filed with the  SEC on November 7, 2019 and in IGM Biosciences’ future reports to be filed with the SEC.  Any forward-looking statements contained in this press release speak only as of the date hereof, and IGM Biosciences specifically disclaims any obligation to update any forward-looking statement, except as required by law.

Contact:

Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com

IGM Biosciences to Present at Three Upcoming Investor Conferences

MOUNTAIN VIEW, Calif. — IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies for the treatment of cancer patients, today announced that Fred Schwarzer, Chief Executive Officer, will present at three upcoming investor conferences:

  • Stifel 2019 Healthcare Conference on Tuesday, November 19 at 4:45 p.m. ET in New York.
  • Jefferies 2019 London Healthcare Conference on Thursday, November 21 at 11:20 a.m. GMT in London.
  • Piper Jaffray 31st Annual Healthcare Conference on Wednesday, December 4 at 3:00 p.m. ET in New York.

A live webcast of the events will be available on the “Events and Presentations” page in the “Investors” section of the Company’s website at https://investor.igmbio.com/news-and-events/events-and-presentations. A replay of the webcasts will be archived on the Company’s website for 90 days following the presentation.

About IGM Biosciences, Inc.

Headquartered in Mountain View, California, IGM Biosciences is a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies for the treatment of cancer patients. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Contact:

Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com

IGM Biosciences Announces Third Quarter 2019 Financial Results

MOUNTAIN VIEW, Calif., Nov. 7, 2019 — IGM Biosciences, Inc. (Nasdaq: IGMS), a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies for the treatment of cancer patients, today announced its financial results for the third quarter ended September 30, 2019 and provided an update on recent developments.

“During the third quarter of 2019, we continued to make progress towards our research, clinical development and financing goals, including initiating our first-in-human clinical trial of our lead IgM antibody, IGM-2323, in patients with relapsed/refractory B cell Non-Hodgkin’s lymphoma and closing both our Series C financing and our initial public offering,” said Fred Schwarzer, Chief Executive Officer of IGM Biosciences. “During 2020, we hope to continue our progress and report initial data from our IGM-2323 Phase 1 trial and file an IND for our second product candidate, an IgM antibody targeting DR5.”

Recent Highlights

Initiated Phase 1 clinical trial of IGM-2323. In October 2019, IGM announced dosing of the first patient in its Phase 1 clinical trial evaluating IGM-2323 in patients with relapsed/refractory B cell Non-Hodgkin’s lymphoma (NHL). This Phase 1 clinical trial represents the first-in-human application of IGM Biosciences’ engineered IgM antibody technology. The Company expects to report initial data from this Phase 1 trial in the second half of 2020.

Completed initial public offering (IPO) and Series C financing. In September 2019, IGM closed its IPO of 12,578,125 shares of its common stock at a price to the public of $16.00 per share, which included the exercise in full by the underwriters of their option to purchase up to 1,640,625 additional shares. IGM received gross proceeds of $201.3 million from the offering. Prior to the IPO, in July 2019, IGM completed a $102 million Series C financing which included conversion of $20 million in unsecured promissory notes. In aggregate, IGM raised $264.5 million in cash proceeds pursuant to these financings, net of note conversion, underwriting discounts and commissions and estimated offering expenses.

Third Quarter 2019 Financial Results

Cash and Investments: Cash and investments as of September 30, 2019 were $251.3 million.
Research and Development (R&D) Expenses: For the third quarter of 2019, R&D expenses were $8.3 million.
General and Administrative (G&A) Expenses: For the third quarter of 2019, G&A expenses were $2.4 million.
Net Loss: For the third quarter of 2019, net loss was $10.2 million, or a loss of $2.41 per share.
Shares outstanding: Shares outstanding as of September 30, 2019 were 30.5 million including both voting common stock and non-voting common stock.

Financial Guidance

Management estimates operating expenses for 2019 of approximately $42.0 – $45.0 million, including estimated stock-based compensation expense of approximately $1.0 million. Management also expects a balance of over $230 million in cash and investments and approximately 30.6 million shares outstanding, including both voting common stock and non-voting common stock, at December 31, 2019.

About IGM Biosciences, Inc.

Headquartered in Mountain View, California, IGM Biosciences is a clinical-stage biotechnology company focused on creating and developing engineered IgM antibodies for the treatment of cancer patients. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IGM Biosciences’ future financial or operating performance. Such forward-looking statements include, but are not limited to, statements regarding the Company’s Phase 1 clinical trial of IGM-2323, the potential of, and expectations regarding, the Company’s IgM technology platform, the timing of reporting initial data from the IGM-2323 Phase 1 clinical trial, the timing of filing an IND for the Company’s second product candidate, estimated 2019 operating expenses and stock-based compensation expense, estimated balance of cash and investments and number of shares outstanding as of December 31, 2019, and statements by the Company’s Chief Executive Officer. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially, including but not limited to: IGM Biosciences’ ability to accurately forecast financial results; IGM Biosciences’ early stages of clinical drug development; uncertainties related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; IGM Biosciences’ ability to advance product candidates into, and successfully complete, clinical trials on the timelines it projects; IGM Biosciences’ ability to adequately demonstrate sufficient safety and efficacy of its product candidates; IGM Biosciences’ ability to enroll patients in its ongoing and future clinical trials; IGM Biosciences’ ability to successfully manufacture and supply its product candidates for clinical trials; IGM Biosciences’ ability to obtain additional capital to finance its operations; uncertainties related to the projections of the size of patient populations suffering from the diseases IGM Biosciences is targeting; IGM Biosciences’ ability to obtain, maintain, and protect its intellectual property rights; developments relating to IGM Biosciences’ competitors and its industry, including competing product candidates and therapies; general economic and market conditions; and other risks and uncertainties, including those more fully described in IGM Biosciences’ filings with the Securities and Exchange Commission (“SEC”), including IGM Biosciences’ Quarterly Report on Form 10-Q filed with the SEC on November 7, 2019 and in IGM Biosciences’ future reports to be filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and IGM Biosciences specifically disclaims any obligation to update any forward-looking statement, except as required by law.

Contact:

Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com

IGM Biosciences Initiates First-in-Human Phase 1 Clinical Trial of IGM-2323 for the Treatment of Relapsed/Refractory B Cell Non-Hodgkin’s Lymphoma

MOUNTAIN VIEW, Calif., Oct. 02, 2019 — IGM Biosciences, Inc. (Nasdaq: IGMS), a biotechnology company focused on creating and developing engineered IgM antibodies for the treatment of cancer patients, today announced that the first patient has been dosed in its Phase 1 clinical trial evaluating IGM-2323, the Company’s CD20 x CD3 bispecific IgM antibody, in patients with relapsed/refractory B cell Non-Hodgkin’s lymphoma (NHL).

This Phase 1 clinical trial represents the first in-human application of IGM Biosciences’ engineered IgM antibody technology. The Phase 1 multi-center, open label trial is intended to assess the safety, pharmacokinetics and preliminary efficacy of intravenous IGM-2323 in patients with relapsed/refractory B cell NHL. IGM-2323 will initially be administered at a planned fixed-dose, as part of a dose escalation protocol.

About IGM Biosciences, Inc.

Headquartered in Mountain View, California, IGM Biosciences is a biotechnology company focused on creating and developing engineered IgM antibodies for the treatment of cancer patients. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IGMBiosciences’ future financial or operating performance. Such forward-looking statements include, but are not limited to, statements regarding the Company’s Phase 1 clinical trial of IGM-2323. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially, including but not limited to:  IGM Biosciences’ early stages of clinical drug development;  uncertainties related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; IGM Biosciences’ ability to advance product candidates into, and successfully complete, clinical trials on the timelines it projects; IGM Biosciences’ ability to adequately demonstrate sufficient safety and efficacy of its product candidates; IGM Biosciences’ ability to enroll patients in its ongoing and future clinical trials; IGM Biosciences’ ability to successfully manufacture and supply its product candidates for clinical trials; IGM Biosciences’ ability to obtain additional capital to finance its operations; uncertainties related to the projections of the size of patient populations suffering from the diseases IGM Biosciences is targeting; IGM Biosciences’ ability to obtain, maintain, and protect its intellectual property rights; developments relating to IGM Biosciences’ competitors and its industry, including competing product candidates and therapies; general economic and market conditions; and other risks and uncertainties, including those more fully described in IGM Biosciences’ filings with the Securities and Exchange Commission (“SEC”), including IGM Biosciences’ prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, dated September 17, 2019 and in  IGM Biosciences’ future reports to be filed with the SEC.  Any forward-looking statements contained in this press release speak only as of the date hereof, and IGM Biosciences specifically disclaims any obligation to update any forward-looking statement, except as required by law.

CONTACT

Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com

IGM Biosciences Announces Closing of Initial Public Offering, Including Full Exercise of Underwriters’ Option to Purchase Additional Shares

MOUNTAIN VIEW, Calif., Sept. 20, 2019 — IGM Biosciences, Inc. (Nasdaq: IGMS) today announced the closing of its initial public offering of 12,578,125 shares of its common stock at a price to the public of $16.00 per share, which includes the exercise in full by the underwriters of their option to purchase up to 1,640,625 additional shares. The shares began trading on The Nasdaq Global Select Market on September 18, 2019 under the symbol “IGMS.” IGM received gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, of approximately $201.3 million.

Jefferies, Piper Jaffray, Stifel and Guggenheim Securities acted as joint book-running managers for the offering.

A registration statement relating to the offering was declared effective by the United States Securities and Exchange Commission on September 17, 2019. The offering was made only by means of a prospectus. A copy of the final prospectus relating to this offering may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; Piper Jaffray & Co, Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by email at prospectus@pjc.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison, 8th Floor, New York, NY 10017, by telephone at (212) 518-9658 or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state or jurisdiction.

About IGM Biosciences, Inc.

Headquartered in Mountain View, California, IGM Biosciences is a biotechnology company focused on creating and developing engineered IgM antibodies for the treatment of cancer patients. Since 2010, IGM Biosciences has worked to overcome the manufacturing and protein engineering hurdles that have limited the therapeutic use of IgM antibodies. Through its efforts, IGM Biosciences has created a proprietary IgM technology platform for the development of IgM antibodies for those clinical indications where their inherent properties may provide advantages as compared to IgG antibodies.

Contact

Argot Partners
David Pitts
212-600-1902
igmbio@argotpartners.com