REDWOOD CITY, Calif.,
July 23, 2020 /PRNewswire/
-- AcelRx Pharmaceuticals, Inc. (NASDAQ: ACRX) (AcelRx), a
specialty pharmaceutical company focused on the development and
commercialization of innovative therapies for use in healthcare
institutions, today announced it has entered into an agreement with
funds affiliated with Armistice Capital and Rock Springs Capital
for the sale of 9,433,962 shares of common stock at $1.06 per share, the closing market price on
July 22, 2020. AcelRx estimates gross
proceeds from the offering of approximately $10.0 million. The closing of the
transaction is expected to occur by July 24,
2020, subject to satisfaction of customary closing
conditions.
The securities described above are being offered by AcelRx
pursuant to a shelf registration statement previously filed with
the Securities and Exchange Commission (the "SEC"), which the SEC
declared effective on July 8, 2020. A final prospectus
supplement related to the offering will be filed with the SEC, and
will be available on the SEC's website located
at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
About AcelRx Pharmaceuticals, Inc.
AcelRx
Pharmaceuticals, Inc. is a specialty pharmaceutical company focused
on the development and commercialization of innovative therapies
for use in medically supervised settings. AcelRx's proprietary,
non-invasive sublingual formulation technology delivers sufentanil
with consistent pharmacokinetic profiles. The Company has one
approved product in the U.S., DSUVIA® (sufentanil sublingual
tablet, 30 mcg), known as DZUVEO™ in Europe, indicated for the management of acute
pain severe enough to require an opioid analgesic for adult
patients in certified medically supervised healthcare settings, and
one product candidate, Zalviso® (sufentanil sublingual tablet
system, SST system, 15 mcg), an investigational product in the
U.S., is being developed as an innovatively designed
patient-controlled analgesia (PCA) system for reduction of
moderate-to-severe acute pain in medically supervised settings.
DZUVEO and Zalviso are both approved products in Europe.
Forward-Looking Statements
This press release contains
forward-looking statements, including, but not limited to,
statements related to anticipated closing of the transaction. These
and any other forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements may be identified by the use of
forward-looking terminology such as "believes," "expects,"
"anticipates," "may," "will," "should," "seeks," "approximately,"
"intends," "plans," "estimates," or the negative of these words or
other comparable terminology. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those projected, anticipated or implied by
such statements, including the inability to satisfy customary
closing conditions. In addition, such risks and uncertainties
may include, but are not limited to, those described in AcelRx's
annual, quarterly and current reports (i.e., Form 10-K, Form 10-Q
and Form 8-K) as filed or furnished with the Securities and
Exchange Commission (SEC). You are cautioned not to place undue
reliance on any such forward-looking statements, which speak only
as of the date such statements were first made. Except to the
extent required by law, AcelRx undertakes no obligation to publicly
release the result of any revisions to these forward-looking
statements to reflect events or circumstances after the date
hereof, or to reflect the occurrence of unanticipated events.
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SOURCE AcelRx Pharmaceuticals, Inc.