Receptos Announces Closing of Underwritten Public Offering of Common Stock and Full Exercise of Underwriters' Option to Purch...
15 January 2014 - 1:46AM
Receptos, Inc. (Nasdaq:RCPT), a biopharmaceutical company
developing therapeutic candidates for the treatment of immune and
metabolic diseases, announced today closing of the previously
announced underwritten public offering of 3,320,000 shares of its
common stock at a price to the public of $30.75 per share, as well
as the full exercise of the option granted to the underwriters to
purchase an aggregate of 498,000 additional shares of common stock.
The gross proceeds to Receptos from this offering were
approximately $117.4 million, before deducting underwriting
discounts and commissions and other estimated offering expenses.
All of the shares in the offering were sold by Receptos.
Receptos intends to use the net proceeds received from this
offering to fund continued development of its product candidate
RPC1063 in ongoing clinical trials for relapsing multiple sclerosis
and ulcerative colitis, development of its in-licensed product
candidate RPC4046 in a clinical trial for eosinophilic esophagitis,
other ongoing preclinical and research programs and for general
corporate purposes including working capital.
Credit Suisse Securities (USA) LLC, Leerink Partners LLC and BMO
Capital Markets acted as joint book-running managers for the
offering. Wedbush PacGrow Life Sciences acted as a co-manager.
Registration statements relating to these securities were
declared effective as of January 8, 2014. The offering was
made only by means of a prospectus. Copies of the prospectus
relating to and describing the terms of the offering may be
obtained from Credit Suisse Securities (USA) LLC, Attention:
Prospectus Department, One Madison Avenue, New York, NY 10010,
Telephone: (800) 221-1037, Email:
newyork.prospectus@credit-suisse.com; from Leerink Partners LLC,
Attention: Syndicate Department, One Federal Street, 37th Floor,
Boston, MA 02110, Telephone: (800) 808-7525, Email:
syndicate@leerink.com; or from BMO Capital Markets, Attention:
Equity Syndicate Department, 3 Times Square, New York, NY
10036, Telephone: (800) 414-3627, Email:
bmoprospectus@bmo.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 Receptos
Receptos is a biopharmaceutical company developing therapeutic
candidates for the treatment of immune and metabolic diseases. The
Company's lead program, RPC1063, is a sphingosine 1-phosphate 1
receptor (S1P1R) small molecule modulator candidate for immune
indications, including relapsing multiple sclerosis (RMS) and
inflammatory bowel disease (IBD). The Company is also developing
RPC4046, an anti-interleukin-13 (IL-13) antibody, for an
allergic/immune-mediated orphan disease, eosinophilic esophagitis
(EoE). Receptos has established expertise in high resolution
protein crystal structure determination, biology and drug discovery
for G-protein-coupled receptors (GPCRs).
Forward Looking Statements
Statements contained in this release, other than statements of
historical fact, constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of
1995. The words "expects," "believes," "anticipates," "may,"
"intends," "plans," "potential," "will" and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements do not constitute guarantees of future
performance. Investors are cautioned that forward-looking
statements, including without limitation statements regarding the
expected use of the net proceeds from the offering and the
development and future potential of the Company's product
candidates, constitute forward-looking statements. Such
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially
from those anticipated. These forward-looking statements are
based upon the Company's current expectations and involve
assumptions that may never materialize or may prove to be
incorrect. Actual results and the timing of events could
differ materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties, which
include without limitation risks associated with the process of
discovering, developing and commercializing drug candidates that
are safe and effective for use as human therapeutics, market risks
and uncertainties, unexpected cash requirements and changes in the
Company's business plan. These and other risks regarding the
Company's financial position and research and development programs
are described in detail in the Company's SEC filings, including the
Company's Quarterly Reports on Form 10-Q and the Registration
Statement on Form S-1 (File No. 333-193074). All
forward-looking statements contained in this release speak only as
of the date on which they were first made by the Company, and the
Company undertakes no obligation to update such statements to
reflect events that occur or circumstances that exist after such
date.
CONTACT: Media and Investor Contacts:
Graham K. Cooper
Chief Financial Officer, Receptos
(858) 652-5708
gcooper@receptos.com
Michael Rice
LifeSci Advisors, LLC
(646) 597-6979
mrice@lifesciadvisors.com
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