Endocyte Announces Closing Of Initial Public Offering And Over-Allotment Option

WEST LAFAYETTE, Ind., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Endocyte, Inc., (Nasdaq:ECYT), a biopharmaceutical company developing targeted small molecule drug conjugates and companion imaging diagnostics for personalized therapy, announced today the closing of its initial public offering of 14,375,000 shares of common stock (including 1,875,000 shares of common stock pursuant to the exercise of the over-allotment option by the underwriters). The net proceeds to Endocyte from the initial public offering are $78.8 million. Endocyte intends to utilize these cash resources to fund its phase 3 clinical trial related to the use of EC145 and EC20 in platinum-resistant ovarian cancer and to move preclinical products forward in the development process.

RBC Capital Markets, LLC and Leerink Swann LLC are the joint bookrunning managers for the offering. Wedbush PacGrow Life Sciences and Baird are co-managers.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on February 4, 2011. The public offering is being made by means of a written prospectus, copies of which may be obtained by calling RBC Capital Markets, LLC toll-free at [phone] or Leerink Swann LLC toll-free at [phone] ext. 4814.

This announcement shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Endocyte

Endocyte is a biopharmaceutical company developing targeted therapies for the treatment of cancer and inflammatory diseases. Endocyte uses its proprietary technology to create novel small molecule drug conjugates and companion imaging diagnostics for personalized targeted therapies.

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise

CONTACT: Vickey Buskirk, Endocyte Inc.
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         Stephanie Ascher, Stern Investor Relations, Inc.
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