Conkwest, Inc., the Natural Killer Cell Company of the West, developing the proprietary Natural Killer (NK) cell-line platform, Neukoplast® (NK-92™) as an immuno-oncology therapeutic, announces that Dr. Patrick Soon-Shiong, NantWorks founder, physician scientist and biotechnology entrepreneur, has entered into a definitive agreement to purchase approximately $48 million of the Company's Class A Common Stock.
In connection with the investment, he will be named Co-Chairman of the Conkwest Board of Directors. An additional $2 million of Class A Common Stock is being purchased separately by Sorrento Therapeutics, Inc. (NASDAQ: SRNE).
Both transactions are expected to close today and are being made in private placements in reliance upon available exemptions from the registration requirements of the Securities Act of 1933, as amended, in accordance with Section 4(a)(2) of such Act and Regulation D thereunder. The shares of Class A Common Stock have not been registered under the Act or under any state securities laws and are subject to restrictions on transfer.
"The collaborations between NantWorks and Sorrento and between Sorrento and Conkwest offer access to state-of-the-art technologies, capabilities and expertise that are synergistic and will enable the accelerated development of many potent and novel cancer immunotherapies," said Dr. Soon-Shiong, founder and CEO of NantWorks. "We look forward to contributing to this close and supportive collaboration with the shared goal of providing much-needed treatments for patients suffering from malignant disorders with significant unmet need."
Noble Life Science Partners and Palladium Capital Advisors, LLC acted as financial advisors to Conkwest.
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