Receptos Announces Pricing of Underwritten Public Offering of Common Stock
19 June 2014 - 9:42AM
Receptos, Inc. (Nasdaq:RCPT), a biopharmaceutical company
developing therapeutic candidates for the treatment of immune and
metabolic diseases, announced today the pricing of an underwritten
public offering of 4,433,000 shares of its common stock at a price
to the public of $40.25 per share. The gross proceeds to Receptos
from this offering are expected to be approximately $178.4 million,
before deducting underwriting discounts and commissions and other
estimated offering expenses. All of the shares in the offering are
to be sold by Receptos. In addition, Receptos has granted the
underwriters a 30-day option to purchase up to an aggregate of
664,950 additional shares of common stock. The offering is expected
to close on or about June 24, 2014, subject to customary closing
conditions.
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 Corp. are acting as joint book-running managers for
the offering. Wedbush PacGrow Life Sciences and Nomura Securities
International, Inc. are acting as co-managers.
Registration statements relating to these securities have become
effective as of June 18, 2014. The offering is being made only by
means of a prospectus. Copies of the prospectus relating to and
describing the terms of the offering may be obtained, when
available, 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 Corp.,
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
intention to sell shares of common stock in an underwritten public
offering, the anticipated gross proceeds from the offering, the
expected closing date of the offering, 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, the satisfaction of
customary closing conditions for the public offering, 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 Annual
Report on Form 10-K for the year ended December 31, 2013, the
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2014 and the Registration Statement on Form S-3 (File No.
333-196651). 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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