CAMBRIDGE, Mass.--(BUSINESS WIRE)--Infinity Pharmaceuticals, Inc. (Nasdaq: INFI), a clinical-stage biotechnology company developing eganelisib, a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic which addresses a fundamental biologic mechanism of immune suppression in cancer, today announced the closing of the sale of 24,150,000 shares of its common stock at a public offering price of $3.80 per share in its previously announced underwritten public offering, including 3,150,000 shares sold upon the exercise in full of a 15% over-allotment option by the underwriters. The gross proceeds to the Company from this offering were approximately $91.8 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. The offering closed on February 17, 2021.

Piper Sandler & Co. acted as sole book-runner for the offering. Truist Securities, Inc. and JonesTrading Institutional Services LLC acted as co-managers for the offering.

Infinity intends to use net proceeds from the offering for the continued clinical development of eganelisib, for general corporate purposes and for working capital.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation, or sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Infinity and Eganelisib

Infinity is a clinical-stage biotechnology company developing eganelisib, a potentially first-in-class, oral, immuno-oncology macrophage reprogramming therapeutic which addresses a fundamental biologic mechanism of immune suppression in cancer, in multiple clinical studies. MARIO-275 is a global, randomized, placebo-controlled study of eganelisib combined with Opdivo® in I/O naïve urothelial cancer. MARIO-3 is the first eganelisib combination study in front-line advanced cancer patients and is evaluating eganelisib in combination with Tecentriq® and Abraxane® in front-line TNBC and in combination with Tecentriq and Avastin® in front-line RCC. In collaboration with Arcus Biosciences, Infinity is evaluating a checkpoint inhibitor-free, novel combination regimen of eganelisib plus etrumadenant (dual adenosine receptor antagonist) plus Doxil® in advanced TNBC patients. With these studies Infinity is evaluating eganelisib in the anti-PD-1 refractory, I/O-naïve, and front-line and second line settings. For more information on Infinity, please refer to Infinity's website at www.infi.com.