Item 8.01 Other Events.
On August 10, 2017, we entered into an underwriting agreement (the Underwriting Agreement) with Leerink Partners LLC and Cowen and Company,
LLC, as representatives of the several underwriters named therein (collectively, the Underwriters), relating to the issuance and sale in a public offering of 7,700,000 shares of our common stock, par value $0.0001 per share. The price to
the public in the offering is $6.50 per share and the Underwriters have agreed to purchase the shares from us pursuant to the Underwriting Agreement at a price of $6.11 per share. The net proceeds to us from the offering are expected to be
approximately $46.5 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. The closing of the offering is expected to occur on August 16, 2017, subject to customary closing
conditions. In addition, we granted the Underwriters
a 30-day option
to purchase up to 1,155,000 additional shares of our common stock at the public offering price, less the underwriting discounts
and commissions.
The Underwriting Agreement contains customary representations, warranties and agreements by us, customary conditions to closing,
indemnification obligations of us and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in
the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by such parties.
The offering is being made pursuant to our registration statement on Form
S-3
(Registration
Statement No. 333-210614), previously
filed with the Securities and Exchange Commission (SEC) and declared effective by the SEC on April 14, 2016, and a prospectus supplement
thereunder. A copy of the Underwriting Agreement is filed as Exhibit 1.1 to this report, and the foregoing description of the terms of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to
such exhibit. A copy of the opinion of Cooley LLP relating to the legality of the issuance and sale of the shares in the offering is attached as Exhibit 5.1 hereto.
On August 9, 2017, we issued a press release announcing the commencement of the offering and on August 10, 2017 we issued a press release announcing
that we had priced the offering. Copies of these press releases are attached as Exhibits 99.1 and 99.2 hereto, respectively.
Forward-Looking
Statements
Certain statements contained in this report are forward-looking statements that involve a number of risks and uncertainties. Such
forward-looking statements include, without limitation, statements about our expectations with respect to the completion, timing and size of the offering and the expected net proceeds from the offering. Words such as will,
expect, may, goal, potential and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. For such
statements, we claim the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from our expectations. Factors that could cause actual results to differ materially from the forward-looking
statements include, but are not limited to, risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the offering. Additional factors that could cause actual results to differ
materially from those stated or implied by our forward-looking statements are disclosed in our filings with the SEC, including in the section captioned Risk Factors in our quarterly report on Form
10-Q
filed with the SEC on August 7, 2017. These forward-looking statements represent our judgment as of the time of this report. We disclaim any intent or obligation to update these forward-looking
statements, other than as may be required under applicable law.