RMC-6291

REDWOOD CITY, Calif., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (Nasdaq: RVMD), a clinical-stage oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced the pricing of 14,130,436 shares of its common stock at a public offering price of $46.00 per share, before underwriting discounts and commissions, and, in lieu of shares of common stock, to certain investors, pre-funded warrants to purchase 2,173,917 shares of common stock at a public offering price of $45.9999, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each pre-funded warrant. All of the shares and pre-funded warrants in the offering are to be sold by Revolution Medicines. In addition, Revolution Medicines has granted the underwriters a 30-day option to purchase up to an additional 2,445,652 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering are expected to be approximately $750.0 million before deducting underwriting discounts and commissions and other offering expenses, excluding any exercise of the underwriters’ option to purchase additional shares and excluding the exercise of any pre-funded warrants. The offering is expected to close on December 5, 2024, subject to customary closing conditions. J.P. Morgan, TD Cowen, Goldman Sachs & Co. LLC and Guggenheim Securities are acting as joint book-running managers for the offering. UBS Investment Bank is acting as lead manager. A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (SEC) on March 4, 2024, and automatically became effective upon filing. This offering is being made solely by means of a prospectus. A copy of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained by contacting: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, by telephone at (855) 495-9846 or by email at TD.ECM_Prospectus@tdsecurities.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com; and Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, by telephone at (212) 518-9544 or by email at GSEquityProspectusDelivery@guggenheimpartners.com. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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 the registration or qualification under the securities laws of any such state or other jurisdiction. About Revolution Medicines, Inc. Revolution Medicines is a clinical-stage oncology company developing novel targeted therapies for RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins. The company’s RAS(ON) inhibitors RMC-6236, a RAS(ON) multi-selective inhibitor, RMC-6291, a RAS(ON) G12C-selective inhibitor, and RMC-9805, a RAS(ON) G12D-selective inhibitor, are currently in clinical development. Additional development opportunities in the company’s pipeline focus on RAS(ON) mutant-selective inhibitors, including RMC-5127 (G12V), RMC-0708 (Q61H) and RMC-8839 (G13C), in addition to RAS companion inhibitors RMC-4630 and RMC-5552. Forward Looking Statements To the extent that statements contained in this press release are not descriptions of historical facts regarding Revolution Medicines, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected completion and timing of closing of the public offering. Such forward-looking statements involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of closing conditions related to the public offering. Such forward-looking statements involve substantial risks and uncertainties that relate to future events, and the actual results could differ significantly from those expressed or implied by the forward-looking statements. Revolution Medicines undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties relating to Revolution Medicines’ business in general, see the prospectus supplement related to the public offering and Revolution Medicines’ current and future reports filed with the SEC, including Revolution Medicines’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on November 6, 2024.

Revolution Medicines is collecting $600 million in cash through a public offering hot on the heels of several mini readouts from across its pipeline of drug candidates for RAS-mutated cancers. The California biotech announced its fundraising plans Monday afternoon after it detailed the new clinical data in the morning, including for its lead program RMC-6236, which is a RAS(ON) multi-selective inhibitor. In a cohort of 40 evaluable pretreated RAS-mutated non-small cell lung cancer patients enrolled in Revolution’s Phase 1/1b trial, RMC-6236 achieved a 38% overall response rate, 9.8 months median progression-free survival and 17.7 months overall survival. The update is “promising” and supports the company’s upcoming Phase 3 study comparing the asset with docetaxel in the same NSCLC setting, Leerink analysts said Monday. They added that the data indicate a “superior efficacy profile” compared with both approved KRAS G12C inhibitors and docetaxel. The Phase 3 is due to start in the first quarter of 2025. Revolution also reported safety data from a doublet of RMC-6236 and Merck’s Keytruda being tested in a separate early-phase trial. Among 20 NSCLC patients, two had a grade 1 elevation in aspartate aminotransferase (AST) and a third had a grade 2 elevation of the liver enzyme. Two patients also saw a rise in alanine transaminase, including one grade 1 event and one grade 3 event. The results mark a “meaningful step” in derisking the candidate because liver toxicities have been a big concern for RAS inhibitor combinations in the past, the Leerink analysts wrote. Revolution said the data for the doublet support continued development in first-line NSCLC. But what analysts deemed less impressive were updates on a combination of RMC-6236 and Revolution’s RAS(ON) G12C-selective inhibitor RMC-6291 in heavily pretreated colorectal cancer patients enrolled in a third Phase 1b study. The doublet hit a 25% ORR including one patient with an unconfirmed complete response, as well as a 92% disease control rate. It’s unclear if the “clinical profile and development progress” will be competitive in the broader G12C-targeting landscape, the Leerink analysts said.