WEST LAFAYETTE, Ind., Sept. 14, 2018 (GLOBE NEWSWIRE) -- Endocyte, Inc. (Nasdaq Global Market:ECYT), a
biopharmaceutical company developing targeted therapeutics for personalized cancer treatment, announced today the closing of an
underwritten registered public offering of an aggregate of 10,878,379 shares of its common stock, which includes the full exercise
of the underwriters’ option to purchase additional shares of common stock, at a price to the public of $18.50 per share. All shares
of common stock sold in the offering were sold by Endocyte.
Endocyte received aggregate net proceeds from the offering of approximately $188.7 million, after deducting
underwriting discounts and commissions and estimated offering expenses payable by Endocyte. Endocyte intends to use the net
proceeds from the offering to fund the continued clinical development of its pipeline products and preparation for the commercial
launch of 177Lu-PSMA-617, if approved, as well as for working capital and general corporate purposes.
Jefferies LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC acted as joint book-running managers for
the offering. Wedbush Securities Inc. acted as lead manager for the offering.
The securities described above were offered pursuant to a shelf registration statement on Form S-3 filed with
the U.S. Securities and Exchange Commission, or the SEC, that became automatically effective on September 10, 2018. The offering
was made by means of a prospectus supplement and accompanying prospectus filed with the SEC, copies of which may be obtained by
visiting the SEC’s website at www.sec.gov or by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, 2nd Floor, New York, New York 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; Wells Fargo Securities, LLC, Attention: Equity Syndicate
Department, 375 Park Avenue, New York, New York 10152, by telephone at (800) 326-5897, or by email at cmclientsupport@wellsfargo.com; or RBC Capital Markets, LLC, Attention: Equity Syndicate
Department, 200 Vesey Street, 8th Floor, New York, New York 10281, by telephone at (877) 822-4089, or by email at equityprospectus@rbccm.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.
About Endocyte
Endocyte is a biopharmaceutical company and leader in developing targeted therapies for the personalized
treatment of cancer. The company's drug conjugation technology targets therapeutics and companion imaging agents specifically to
the site of diseased cells. Endocyte’s lead program is a prostate specific membrane antigen (PSMA)-targeted radioligand therapy,
177Lu-PSMA-617, in phase 3 for metastatic castration-resistant prostate cancer (mCRPC) for PSMA-positive patients.
Endocyte also expects to have an Investigational New Drug application submitted in the fourth quarter of 2018 for its
adaptor-controlled CAR T-cell therapy which will be studied initially in osteosarcoma.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements regarding, but
not limited to, Endocyte’s expected uses of the proceeds from the offering and the timing of clinical studies of Endocyte’s product
candidates. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,”
“anticipate,” “estimate,” “continue” or comparable terminology. Forward-looking statements involve risks and uncertainties that
could cause actual results or developments to differ materially from those indicated due to a number of factors affecting
Endocyte’s operations, markets, products and services. Endocyte identifies the principal risks and uncertainties that impact its
performance in its public reports filed with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition” sections of Endocyte’s most recent Annual Report on Form 10-K, as may be supplemented or amended by Endocyte’s
subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made and Endocyte
assumes no obligation to update any forward-looking statements, except as required under applicable law.
Investor Contact
Michael Schaffzin, Stern Investor Relations, Inc., (212) 362-1200, michael@sternir.com
