Acer Therapeutics Announces $1.5M Private Placement
01 December 2022 - 12:30AM
Acer Therapeutics Inc. (Nasdaq: ACER), a pharmaceutical company
focused on the acquisition, development and commercialization of
therapies for serious, rare and life-threatening diseases with
significant unmet medical needs, today announced that it has
entered into definitive agreements with its CEO as well as its
Chairman for a private placement of its securities for gross
proceeds of $1.5 million.
On November 29, 2022, Acer entered into a securities purchase
agreement for the sale and issuance of an aggregate of 1,229,508
shares of the Company’s common stock, for an aggregate purchase
price of $1,499,999.76, in a private placement transaction at a
price per share of $1.22, which represented a 5.2% premium to the
$1.16 closing price of the common stock on that day. The investors
are Chris Schelling, CEO and Founder of Acer, and Steve Aselage,
Chairman of Acer’s Board of Directors. The private placement is
scheduled to close on or about December 2, 2022, subject to the
satisfaction or waiver of customary closing conditions.
The proceeds from the private placement will be used by Acer for
working capital and general corporate purposes and, together with
Acer’s existing cash and cash equivalents, are expected to be
sufficient to fund the Company’s anticipated operating and capital
requirements through the fourth quarter of 2022.
About Acer TherapeuticsAcer is a pharmaceutical
company focused on the acquisition, development and
commercialization of therapies for serious rare and
life-threatening diseases with significant unmet medical needs.
Acer’s pipeline includes four investigational programs: ACER-001
(sodium phenylbutyrate) for treatment of various inborn errors of
metabolism, including urea cycle disorders (UCDs) and Maple Syrup
Urine Disease (MSUD); ACER-801 (osanetant) for treatment of induced
Vasomotor Symptoms (iVMS) and post-traumatic stress disorder
(PTSD); EDSIVO™ (celiprolol) for treatment of vascular
Ehlers-Danlos syndrome (vEDS) in patients with a confirmed type III
collagen (COL3A1) mutation; and ACER-2820 (emetine), a
host-directed therapy against a variety of viruses, including
cytomegalovirus, Zika, dengue, Ebola and COVID-19. For more
information, visit www.acertx.com.
Acer Forward-Looking StatementsThis press
release contains “forward-looking statements” that involve
substantial risks and uncertainties for purposes of the safe harbor
provided by the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, included
in this press release are forward-looking statements. Examples of
such statements include, but are not limited to, statements
regarding the sufficiency and duration of our cash and cash
equivalents as well as the consummation of the proposed private
placement transaction (which is subject to customary closing
conditions). Our pipeline products are under investigation and
their safety and efficacy have not been established and there is no
guarantee that any of our investigational products in development
will receive health authority approval or become commercially
available for the uses being investigated. We may not actually
achieve the plans, carry out the intentions or meet the
expectations or projections disclosed in the forward-looking
statements and you should not place undue reliance on these
forward-looking statements. Such statements are based on
management’s current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including, without limitation, the
Company’s actual operating and capital requirements and whether the
closing conditions to the proposed private placement transaction
are satisfied. We disclaim any intent or obligation to update these
forward-looking statements to reflect events or circumstances that
exist after the date on which they were made. You should review
additional disclosures we make in our filings with the Securities
and Exchange Commission, including our Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q. You may access these documents
for no charge at http://www.sec.gov.
Acer ContactsCorporate contact:Jim DeNikeAcer
Therapeutics Inc.jdenike@acertx.com+1-844-902-6100
Investor contact:Nick ColangeloGilmartin
Groupnick@gilmartinIR.com+1-332-895-3226
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