Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) today announced that it has commenced an underwritten public offering of shares of its common stock. All of the shares in the offering are to be sold by Infinity. The joint book-running managers for the proposed offering are Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC. BofA Merrill Lynch and Deutsche Bank Securities Inc. are acting as co-lead managers. Additionally, Stifel Nicolaus Weisel is acting as co-manager. Infinity intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the amount sold to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Infinity anticipates using the net proceeds from the offering for research and development expenditures (including costs associated with the continuing clinical development of its product candidate IPI-145), as well as for working capital, capital expenditures, potential acquisitions of new businesses, technologies or products that the company believes have the potential to complement or expand its business, and other general corporate purposes. The securities described above are being offered by Infinity pursuant to an automatically effective shelf registration statement that was previously filed with the Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, 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 the registration or qualification under the securities laws of any such state or other jurisdiction. Preliminary and final prospectus supplements related to the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov. Copies of the preliminary and final prospectus supplements relating to this offering, in each case with the accompanying prospectus, may be obtained, when available, from:
|Morgan Stanley & Co. LLC||J.P. Morgan Securities LLC|
|Attn: Prospectus Department||c/o Broadridge Financial Solutions|
|180 Varick Street, 2nd Floor||1155 Long Island Avenue|
|New York, NY 10014||Edgewood, NY 11717|
|Phone: 866-718-1649||Phone: 866-803-9204|
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, such as those, among others, relating to Infinity’s plans to consummate its proposed public offering and the intended use of proceeds therefrom. Actual results may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to whether or not Infinity will be able to raise capital through the sale of shares of common stock, the final terms of the proposed offering, market and other conditions, the satisfaction of customary closing conditions related to the proposed public offering and the impact of general economic, industry or political conditions in the United States or internationally. There can be no assurance that Infinity will be able to complete the proposed public offering on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements. Additional risks and uncertainties relating to the proposed offering, Infinity and its business can be found under the caption "Risk Factors" included in Infinity's preliminary prospectus supplement filed with the SEC on December 12, 2012 and Infinity’s current report on Form 8-K filed with the SEC on December 12, 2012, and in other filings that Infinity periodically makes with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Infinity anticipates that subsequent events and developments will cause its views to change. While Infinity may elect to update these forward-looking statements at some point in the future, Infinity expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.