Equillium Announces $7.5 Million Share Repurchase Program
02 Agosto 2023 - 10:00PM
Business Wire
Equillium, Inc. (Nasdaq: EQ), a clinical-stage biotechnology
company leveraging a deep understanding of immunobiology to develop
novel therapeutics to treat severe autoimmune and inflammatory
disorders, today announced that its Board of Directors authorized
the repurchase of up to $7.5 million of shares of the Company’s
common stock.
“The share repurchase program demonstrates our belief in the
intrinsic value and potential of Equillium and underscores our
commitment to generating long-term value for our stockholders,”
said Bruce Steel, chief executive officer at Equillium. “We believe
that Equillium stock represents an attractive investment
opportunity and this repurchase program does not meaningfully
affect our cash runway which remains into 2025 based on our current
operating plan. The program gives us the flexibility to
opportunistically repurchase shares while maintaining capital
expected to fund our clinical development efforts through multiple
milestones between now and the end of 2024, including topline data
from our study of EQ101 in alopecia areata and, importantly, Ono’s
decision regarding exercising its option to acquire
itolizumab.”
Repurchases may be made from time to time on the open market or
through privately negotiated transactions. The timing of any
repurchase, the number of shares repurchased, and the prices paid
for the shares under the program will depend on general business
and market conditions, the trading price of Equillium’s common
stock and corporate and regulatory limitations. The share
repurchase program is authorized through the end of 2024 and does
not obligate Equillium to acquire any or a specific dollar amount
or number of shares and may be extended, modified, or discontinued
at any time. The company had approximately 34.6 million shares of
common stock outstanding as of August 1, 2023.
About Equillium
Equillium is a clinical-stage biotechnology company leveraging a
deep understanding of immunobiology to develop novel therapeutics
to treat severe autoimmune and inflammatory disorders with high
unmet medical need. The company’s pipeline consists of the
following novel first-in-class immunomodulatory assets targeting
immuno-inflammatory pathways. EQ101: a tri-specific cytokine
inhibitor that selectively targets IL-2, IL-9, and IL-15; currently
under evaluation in a Phase 2 proof-of-concept clinical study of
patients with alopecia areata. EQ102: a bi-specific cytokine
inhibitor that selectively targets IL-15 and IL-21; currently under
evaluation in a Phase 1 first-in-human clinical study to include
healthy volunteers and celiac disease patients. Itolizumab: a
monoclonal antibody that targets the CD6-ALCAM signaling pathway
which plays a central role in the modulation of effector T cells;
currently under evaluation in a Phase 3 clinical study of patients
with acute graft-versus-host disease (aGVHD) and a Phase 1b
clinical study of patients with lupus/lupus nephritis. Equillium
acquired rights to itolizumab through an exclusive partnership with
Biocon Limited and has entered a strategic partnership with Ono
Pharmaceutical Co., Ltd. for the development and commercialization
of itolizumab under an option and asset purchase agreement.
For more information, visit www.equilliumbio.com.
Forward Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as "anticipate", "believe", “could”, “continue”,
"expect", "estimate", “may”, "plan", "outlook", “future” and
"project" and other similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. Because such statements are subject to risks and
uncertainties, many of which are outside of Equillium’s control,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Such statements
include, but are not limited to statements regarding the intrinsic
value and potential of Equillium to generate long-term stockholder
value; Equillium’s cash runway; and the ability of Equillium’ s
capital to fund clinical development efforts through the end of
2024, including through topline data from Equillium’s study of
EQ101 in alopecia areata and other milestones, after giving effect
to the share repurchase program. Risks that contribute to the
uncertain nature of the forward-looking statements include: risks
and uncertainties regarding whether, when and on what terms
Equillium repurchases its shares of common stock under the program;
changes in market conditions and alternative uses of Equillium’s
capital, including having to use cash in ways or on timing other
than expected; the sufficiency of Equillium’s capital to fund
certain clinical development efforts and whether anticipated
milestones are able to be achieved; whether Equillium is able to
grow its business and increase stockholder value over time; and
risks related to Ono’s decision to exercise its option, if ever, to
purchase itolizumab or terminate the asset purchase agreement.
These and other risks and uncertainties are described more fully
under the caption "Risk Factors" and elsewhere in Equillium's
filings and reports, which may be accessed for free by visiting the
Securities and Exchange Commission’s website at www.sec.gov and on
Equillium’s website under the heading “Investors.” Investors should
take such risks into account and should not rely on forward-looking
statements when making investment decisions. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. Equillium undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were made,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230802747841/en/
Investor & Media Contact Equillium, Inc. Michael
Moore Vice President, Investor Relations Officer & Head of
Corporate Communications 619-302-4431 ir@equilliumbio.com
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