ImmunityBio is walking into 2024 confidently, announcing this week that it secured a $320 million investment from Oberland Capital.
Oberland Capital's investment includes $300 million non-dilutive capital, involving royalty payments tied to future revenue from ImmunityBio's immunotherapy products, and a potential $20 million equity investment. $200 million of the royalty financing was funded up front, with an additional $100 million contingent upon FDA approval for Anktiva, the company's lead cytokine fusion protein.
ImmunityBio plans to use the capital to accelerate commercialization efforts in anticipation of potential FDA approval of Anktiva, a novel IL-15 superagonist complex, in combination with Bacillus Calmette-Guérin (BCG) for the treatment of patients with BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ with or without Ta or T1 disease.
Back in May of last year, ImmunityBio's marketing application for Anktiva was rejected by the FDA. ImmunityBio acknowledged that the FDA has identified deficiencies during its inspection of the company's CDMOs. The agency also provided recommendations regarding additional chemistry, manufacturing, and controls issues, as well as assays that needed resolution.
ImmunityBio later resubmitted its BLA in October, and was given a PDUFA date of April 23, 2024.
The additional capital will also be used to fund clinical trials to expand Anktiva's indications into multiple solid tumors.