NEW YORK, Sept. 4, 2020 /PRNewswire/ -- Seelos
Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage
biopharmaceutical company, announced today that it has entered into
a securities purchase agreement with certain institutional
investors, providing for the purchase and sale of 8,865,000 shares
of common stock at a price of $0.79
per share in a registered direct offering, resulting in gross
proceeds of approximately $7.0
million, before deducting the placement agents' fees and
estimated offering expenses. The Company also agreed to issue to
the investors unregistered warrants to purchase up to 6,648,750
shares of common stock in a concurrent private placement. The
warrants have an exercise price of $0.84 per share of common stock, will be
exercisable six months from the date of issuance and will
expire five years following the initial date of exercise.
The registered direct offering and concurrent private placement
are expected to close on or about September
9, 2020, subject to the satisfaction of customary closing
conditions.
Seelos intends to use the net proceeds from the offering for
general corporate purposes and to advance the development of its
product candidates.
Roth Capital Partners is acting as the sole placement agent for
the offering.
A shelf registration statement on Form S-3 (File No. 333-221285)
relating to the shares of common stock to be issued in the
registered direct offering was previously filed with the Securities
and Exchange Commission (the "SEC") on November 2, 2017, amended on December 1, 2017 and declared effective by the
SEC on December 7, 2017. Such shares
are being offered only by means of a prospectus. A prospectus
supplement and the accompanying prospectus relating to and
describing the terms of the registered direct offering will be
filed with the SEC and will be available on the SEC's website
at www.sec.gov. When available, copies of the prospectus supplement
and the accompanying prospectus relating to the registered direct
offering may also be obtained by contacting Roth Capital Partners,
LLC, 888 San Clemente Drive, Newport
Beach, California 92660, by calling (800) 678-9147 or by
e-mail at rothecm@roth.com.
The unregistered warrants described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the "Act"), and Regulation D promulgated
thereunder and, along with the shares of common stock underlying
the warrants, have not been registered under the Act or applicable
state securities laws. Accordingly, the warrants and underlying
shares of common stock may not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Act and such applicable state
securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, 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 the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Seelos Therapeutics:
Seelos Therapeutics, Inc. is a clinical-stage biopharmaceutical
company focused on the development and advancement of novel
therapeutics to address unmet medical needs for the benefit of
patients with central nervous system (CNS) disorders and other rare
disorders. The Company's robust portfolio includes several
late-stage clinical assets targeting psychiatric and movement
disorders, including orphan diseases. Seelos is based in
New York, New York. For more
information, please visit our website:
http://seelostherapeutics.com, the content of which is not
incorporated herein by reference.
Forward-looking Statements:
This press release contains forward-looking statements related
to Seelos Therapeutics, Inc. and its subsidiaries under the safe
harbor provisions of Section 21E of the Private Securities
Litigation Reform Act of 1995 and subject to risks and
uncertainties that could cause actual results to differ materially
from those projected. Forward-looking statements include statements
regarding Seelos' expectations on the timing and completion of the
financing and the anticipated use of proceeds therefrom and other
matters that are described in Seelos' most recent periodic reports
filed with the Securities and Exchange Commission, including
Seelos' Annual Report on Form 10-K for the year ended December 31, 2019, subsequent Quarterly Reports
on Form 10-Q and the prospectus supplement related to the
registered direct offering filed with the Securities and Exchange
Commission on or about the date hereof, including risks and
uncertainties associated with general economic and market
conditions and the satisfaction of customary closing conditions and
the other risk factors set forth in those filings. Investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release and
Seelos disclaims any intent or obligation to update these
forward-looking statements except as required by law.
Contact Information:
Anthony Marciano
Head of Corporate Communications
Seelos Therapeutics, Inc. (Nasdaq: SEEL)
300 Park Ave., 12th Fl
New York, NY 10022
(646) 293-2136
anthony.marciano@seelostx.com
www.seelostherapeutics.com
https://twitter.com/seelostx
https://www.linkedin.com/company/seelos
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SOURCE Seelos Therapeutics, Inc.