Exhibit 99.2
Molecular Templates, Inc. Announces Pricing of $50.0 Million Public Equity Offering
AUSTIN, Texas, November 21, 2019 (GLOBE NEWSWIRE) — Molecular Templates, Inc. (Nasdaq: MTEM) (the “Company” or “Molecular”), a clinical-stage biopharmaceutical company focused on the discovery and development of the Company’s proprietary engineered toxin bodies (ETBs), which are differentiated, targeted, biologic therapeutics for cancer, today announced the pricing of its underwritten public offering of 6,000,000 shares of its common stock at a public offering price of $8.00 per share and 250 shares of its newly designated Series A convertible preferred stock at a public offering price of $8,000 per share. Each share of Series A convertible preferred stock will be convertible into 1,000 shares of common stock at the holder’s option, subject to beneficial ownership limitations. All of the shares of common stock and Series A convertible preferred stock to be sold in the offering are being sold by Molecular. In addition, Molecular has granted to the underwriters a30-day option to purchase up to 900,000 additional shares of common stock. The offering is expected to close on or about November 25, 2019, subject to the satisfaction of customary closing conditions. The gross proceeds to Molecular from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Molecular, are expected to be $50.0 million.
Molecular intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, to fund: its ongoing Phase II clinical studies forMT-3724; its ongoing Phase I clinical study ofMT-5111; its share of development expenses in its CD38 collaboration with Takeda; its programPD-L1 (including its anticipated upcoming Phase I clinical study forPD-L1); further preclinical development and drug discovery activities in its other programs and for working capital and general corporate purposes.
Cowen, Barclays and Stifel are acting as joint book-running managers for the offering. Oppenheimer & Co. is acting as lead manager for the offering. Ladenburg Thalmann is acting asco-manager for the offering.
Laidlaw & Company (UK) Ltd. is acting as financial advisor in connection with the offering.
The securities are being offered by Molecular pursuant to a shelf registration statement on FormS-3 that was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC. A preliminary prospectus supplement relating to the offering was filed with the SEC and a final prospectus supplement relating to the offering will be filed with the SEC. When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at (833)297-2926; Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888)603-5847; and Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by telephone at (415)364-2720 or by email at syndprospectus@stifel.com. You may also obtain these documents free of charge by visiting the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other 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 other jurisdiction.
