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Pfenex Inc. Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters' Option to Purchase Additional Shares

SAN DIEGO, April 30, 2015 /PRNewswire/ -- Pfenex Inc. (NYSE MKT: PFNX) a clinical-stage biotechnology company engaged in the development of biosimilar therapeutics including high value and difficult to manufacture proteins, today announced the closing of its previously announced underwritten public offering of 6,750,000 shares of its common stock at a public offering price of $15.50 per share. This includes the exercise in full by the underwriters of their option to purchase up to 750,000 additional shares of common stock from certain selling stockholders. Pfenex sold 2,610,000 shares of common stock and certain existing stockholders of Pfenex sold 4,140,000 shares of common stock. The net proceeds to Pfenex from this offering were approximately $38.0 million, after deducting underwriting discounts and commissions but before deducting estimated offering expenses payable by Pfenex. Pfenex did not receive any proceeds from the sale of the shares by the selling stockholders.

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Barclays Capital Inc., Evercore Group L.L.C., and William Blair & Company, L.L.C. acted as joint book-running managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on April 23, 2015. The offering was made by means of a prospectus, copies of which may be obtained from: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone: (888) 603-5847 or email: barclaysprospectus@broadridge.com; Evercore Group L.L.C. Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone: (212) 653-9054, or email: ECM@evercore.com; or from William Blair & Company, L.L.C., Attention: Prospectus Department, 222 West Adams Street, Chicago, IL 60606, by telephone: (800) 621-0687, or email: prospectus@williamblair.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 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 jurisdiction.

About Pfenex Inc.

Pfenex Inc. is a clinical-stage biotechnology company engaged in the development of biosimilar therapeutics and high-value and difficult to manufacture proteins. The company's lead product candidate is PF582, a biosimilar candidate to Lucentis (ranibizumab), for the potential treatment of patients with retinal diseases. Pfenex has leveraged its Pfenex Expression Technology® platform to build a pipeline of product candidates and preclinical products under development including other biosimilars, as well as vaccines, generics and next generation biologics.  

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SOURCE Pfenex Inc.

For further information: Company: Paul Wagner, Ph.D., Chief Financial Officer, (858) 352-4333, pwagner@pfenex.com or Investors: Robert H. Uhl, Westwicke Partners, LLC, Managing Director, (858) 356-5932, robert.uhl@westwicke.com