Intec Pharma Announces Pricing of $6.5 Million Public Offering
31 January 2020 - 2:44PM
Intec Pharma Ltd. (NASDAQ: NTEC) ("Intec" or "the Company") today
announced the pricing of its previously announced underwritten
public offering of 16,250,000 ordinary shares (which includes
pre-funded warrants to purchase ordinary shares in lieu thereof)
and warrants to purchase up to 16,250,000 ordinary shares, at a
public offering price of $0.40 per ordinary share. The warrants
have an exercise price of $0.40 per share, are immediately
exercisable, and will expire five years from the date of issuance.
In addition, the Company granted the underwriter a 30-day
option to purchase up to an additional 2,437,500 ordinary shares
and/or warrants to purchase up to 2,437,500 ordinary shares at the
public offering price, less underwriting discounts and commissions.
The Company expects to receive gross proceeds of $6.5 million from
the offering. The offering is expected to close on or about
February 4, 2020, subject to customary closing conditions.
H.C. Wainwright & Co. is acting as sole
book-running manager for the offering.
A shelf registration statement on Form S-3
relating to the securities being sold in the public offering
described above was filed with the U.S. Securities and Exchange
Commission (SEC) on March 1, 2019, and was declared effective on
March 28, 2019. The offering is being made only by means of a
prospectus supplement and accompanying prospectus. A preliminary
prospectus supplement and accompanying prospectus relating to the
public offering has been filed with the SEC and a final prospectus
supplement and accompanying prospectus will be filed with the SEC
and, when available, may be obtained for free on the SEC's website
located at http://www.sec.gov. When available, electronic copies of
the final prospectus supplement and accompanying prospectus
relating to the public offering may be obtained by contacting H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY
10022, or by telephone at (646) 975-6996, or by email to
placements@hcwco.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Intec Pharma Ltd.
Intec Pharma is a clinical-stage
biopharmaceutical company focused on developing drugs based on its
proprietary Accordion Pill platform technology. The Company's
Accordion Pill is an oral drug delivery system that is designed to
improve the efficacy and safety of existing drugs and drugs in
development by utilizing an efficient gastric retention and
specific release mechanism. The Company's product pipeline includes
two product candidates in clinical trial stages: Accordion Pill
Carbidopa/Levodopa, or AP-CD/LD, which is in late-stage development
for the treatment of Parkinson's disease symptoms in advanced
Parkinson's disease patients, and AP-cannabinoids, an Accordion
Pill to deliver either or both of the primary cannabinoids
contained in Cannabis sativa, cannabidiol (CBD) and
tetrahydrocannabinol (THC) for various pain indications. In
addition, the Company has a research collaboration with Merck &
Co.
For more information, visit www.intecpharma.com.
Intec Pharma routinely posts information that may be important to
investors in the Investor Relations section of its
website.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward looking
statements about our expectations, beliefs and intentions.
Forward-looking statements can be identified by the use of
forward-looking words such as "believe", "expect", "intend",
"plan", "may", "should", "could", "might", "seek", "target",
"will", "project", "forecast", "continue" or "anticipate" or their
negatives or variations of these words or other comparable words or
by the fact that these statements do not relate strictly to
historical matters. These forward-looking statements are based on
assumptions and assessments made in light of management's
experience and perception of historical trends, current conditions,
expected future developments and other factors believed to be
appropriate. Forward-looking statements in this press release are
made as of the date of this press release, and we undertake no duty
to update or revise any such statements, whether as a result of new
information, future events or otherwise, except as required by
laws. Forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties, many of
which are outside of our control. These risks and uncertainties
include, without limitation, risks and uncertainties related to
market conditions, timing and completion of the public offering,
the risk that the public offering will not be consummated, and the
satisfaction of customary closing conditions related to the public
offering. There can be no assurance that we will be able to
complete the public offering. Many factors could cause our actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements, including, but
not limited to, the following: our limited operating history and
history of operating losses, our ability to continue as a going
concern, our ability to obtain additional financing, our ability to
successfully operate our business or execute our business plan, the
timing and cost of our clinical trials, the completion and
receiving favorable results in our clinical trials, our ability to
obtain and maintain regulatory approval of our product candidates,
our ability to protect and maintain our intellectual property and
licensing arrangements, our ability to develop, manufacture and
commercialize our product candidates, the risk of product liability
claims, the availability of reimbursement, and the influence of
extensive and costly government regulation. More detailed
information about the risks and uncertainties affecting us is
contained under the heading "Risk Factors" included in our most
recent Annual Report on Form 10-K filed with the SEC on February
27, 2019, and in the preliminary prospectus contained in the
registration statement related to the public offering filed with
the SEC on January 30, 2020, and in other filings that we have made
and may make with the Securities and Exchange Commission in the
future.
Intec Pharma Investor Contact:
Anne Marie Fields VP-Corporate Communications & Investor
Relations 646-200-8808 amf@intec-us.com
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