ContraVir Pharmaceuticals Announces Pricing of Public Offering of Common Stock and Warrants
25 April 2017 - 11:00PM
ContraVir Pharmaceuticals, Inc. (“ContraVir”) (NASDAQ:CTRV), a
biopharmaceutical company focused on the development and
commercialization of targeted antiviral therapies, today announced
the pricing of an underwritten public offering of common stock and
warrants to purchase common stock, with anticipated gross proceeds
of $12 million, before deducting underwriting discounts and
commissions and estimated offering expenses payable by ContraVir.
ContraVir is offering 12,000,000 shares of its common stock and
warrants to purchase 6,000,000 shares of its common stock at a
combined offering price of $1.00. All of the shares and warrants
are being offered by ContraVir. The shares of common stock and
warrants will be issued separately. The warrants will be
exercisable beginning on the date of issuance for a period of five
years from the issuance date at an exercise price of $1.25 per
share. There is no established public trading market for the
warrants and ContraVir does not expect a market to develop in the
future. The offering is expected to close on or about April
28, 2017, subject to customary closing conditions. ContraVir
intends to use the net proceeds from the sale of the securities to
fund research and development activities, including ongoing
clinical trials, and for working capital and other general
corporate purposes, and possibly acquisitions of other companies,
products or technologies, though no such acquisitions are currently
contemplated.
Canaccord Genuity Inc. is acting as the sole
book-running manager for the offering and Maxim Group LLC is acting
as a co-manager for the offering.
The shares of common stock and warrants
described above are being offered pursuant to a shelf registration
statement previously filed with and declared effective by the
Securities and Exchange Commission (SEC). A preliminary prospectus
supplement and accompanying prospectus relating to the offering has
been filed with the SEC and is available for free on the SEC’s
website at www.sec.gov. A final prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC and will be available on the SEC’s website at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering, when available, may also be
obtained from Canaccord Genuity Inc., Attention: Equity Syndicate
Department, 99 High Street, 12th Floor, Boston, Massachusetts
02110, by telephone at (617) 371-3900, or by email at
prospectus@canaccordgenuity.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of ContraVir’s
securities. No offer, solicitation or sale will be made in any
state or other jurisdiction in which such offering, solicitation or
sale would be unlawful.
About ContraVir Pharmaceuticals
ContraVir is a biopharmaceutical company focused on the
development and commercialization of targeted antiviral therapies
with a specific focus on developing a potentially curative therapy
for hepatitis B virus (HBV). The Company is developing two novel
anti-HBV compounds with complementary mechanisms of action. One
compound, TXL™ (formerly CMX157), is a highly potent analog of the
successful antiviral drug Viread® (tenofovir disoproxil fumerate),
and is currently in Phase 2a of development. TXL™ has demonstrated
the potential for low, once-daily dosing and decreased systemic
exposure compared to tenofovir, thereby potentially reducing renal
and bone side effects. CRV431, the other anti-HBV compound, is a
next-generation cyclophilin inhibitor with a unique structure that
increases its potency and selective index against HBV. ContraVir is
also developing Valnivudine, an orally available nucleoside
analogue prodrug; Valnivudine is currently in Phase 3 for the
treatment of herpes zoster. In addition to direct antiviral
activity, Phase 2 data suggest that Valnivudine has the potential
to reduce the incidence of debilitating shingles-associated pain
known as post-herpetic neuralgia (PHN). For more information visit
www.contravir.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements relating to ContraVir’s expectations regarding
the completion of the proposed public offering. These statements
are subject to significant risks and uncertainties and actual
results could differ materially from those projected. ContraVir
cautions investors not to place undue reliance on the
forward-looking statements contained in this release. These risks
and uncertainties include, without limitation, risks and
uncertainties related to the satisfaction of customary closing
conditions related to the public offering. There can be no
assurance that ContraVir will be able to complete the public
offering on the anticipated terms, or at all. ContraVir does not
undertake an obligation to update or revise any forward-looking
statement. Investors should read the risk factors set forth in
ContraVir's Form 10-K for the year ended June 30, 2016 and other
periodic reports filed with the Securities and Exchange
Commission.
For further information, please contact:
Sharen Pyatetskaya
Director of Investor Relations
sp@contravir.com; (732) 902-4028
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