Zynerba Pharmaceuticals Announces Full Exercise of Underwriters' Option to Purchase Additional Shares
09 February 2017 - 11:35PM
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE), a clinical-stage
specialty pharmaceutical company dedicated to the development of
innovative transdermal synthetic cannabinoid treatments, today
announced that the underwriters of its previously announced public
offering of 2.8 million shares of its common stock have exercised
in full their option to purchase an additional 420,000 shares of
common stock at the public offering price of $18.00 per share, less
customary underwriting discounts and commissions. With the exercise
of the underwriters' option, gross proceeds to Zynerba from the
offering are expected to be approximately $58 million, before
deducting underwriting discounts and commissions and other offering
expenses payable by Zynerba. The closing of the option exercise is
expected to occur on February 13, 2017, subject to customary
closing conditions.
Jefferies LLC and Piper Jaffray & Co.
acted as joint book-running managers for the offering. Cantor
Fitzgerald & Co. acted as lead manager, and Oppenheimer &
Co. and Roth Capital Partners acted as co-managers for the
offering.
The securities described above are being offered
by Zynerba pursuant to a shelf registration statement on Form S-3
previously filed with the Securities and Exchange Commission (the
“SEC”) on September 1, 2016 and declared effective by the SEC on
September 12, 2016. The offering is being made only by means of a
written prospectus and prospectus supplement that form a part of
the registration statement. A final prospectus supplement and
accompanying prospectus related to the offering has been filed with
the SEC and is available on the website of the SEC at www.sec.gov.
Copies of the final prospectus supplement and accompanying
prospectus may be obtained from Jefferies LLC, Attn: Equity
Syndicate Prospectus Department, 520 Madison Ave, 2nd Floor, New
York, NY 10022, by telephone at (877) 821-7388 or by email at
Prospectus_Department@Jefferies.com; or Piper Jaffray & Co.,
Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, or by telephone at 800-747-3924 or by email
at prospectus@pjc.com.
This press release shall 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
registration or qualification under the securities laws of such
state or jurisdiction.
About Zynerba Pharmaceuticals, Inc.
Zynerba Pharmaceuticals (NASDAQ:ZYNE) is a
clinical-stage specialty pharmaceutical company focused on
developing and commercializing proprietary next-generation
synthetic cannabinoid therapeutics formulated for transdermal
delivery. Zynerba is developing therapeutic candidates based on
proprietary transdermal technologies that, if successfully
developed, may allow sustained, consistent and controlled delivery
of therapeutic levels of two cannabinoids: cannabidiol (CBD), a
non-psychoactive cannabinoid, and tetrahydrocannabinol (THC).
Transdermal delivery has the potential to reduce adverse effects
associated with oral dosing. ZYN002, the Company’s CBD gel, is the
first and only synthetic CBD formulated as a patent-protected
permeation-enhanced gel. In June 2016, the company initiated
the Phase 2 STAR 1 (Synthetic Transdermal Cannabidiol for the
Treatment of Epilepsy) clinical trial of ZYN002 CBD gel in
refractory epilepsy patients with focal seizures, the most common
form of epilepsy in adults. In August 2016, the Phase 2 STOP
(Synthetic Transdermal Cannabidiol for the Treatment of Knee Pain
due to Osteoarthritis) clinical trial in patients with knee pain
due to osteoarthritis was initiated. In December 2016, the
Company initiated the exploratory Phase 2 FAB-C (Treatment of
Fragile X Syndrome Anxiety and Behavioral Challenges with CBD)
clinical trial in children with Fragile X syndrome (FXS). Zynerba
is also developing ZYN001, which utilizes a synthetically
manufactured pro-drug of THC. A Phase 1 clinical study for ZYN001
is planned to begin in the first half of 2017. Learn more
at www.zynerba.com and follow the Company on Twitter
at @ZynerbaPharma.
Cautionary Statement Regarding Forward Looking
Statements
Any statements in this press release about
future expectations, plans and prospects for the Company, including
the Company’s expectations regarding the completion, timing and
size of the option exercise, the Company’s anticipated proceeds
therefrom and other statements containing the words "anticipate,"
"believe," "estimate," "upcoming," "plan," "target", "intend,"
"expect" and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
management’s expectations and assumptions as of the date of this
press release and are subject to numerous risks and uncertainties,
which could cause actual results to differ materially from those
expressed or implied by such statements. These risks and
uncertainties include, without limitation, risks and uncertainties
associated with market conditions and the satisfaction of customary
closing conditions related to the proposed offering, as well as
other risks and uncertainties discussed in the Risk Factors set
forth in the Company’s Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q filed with the SEC and in other
filings the Company makes with the SEC from time to time.
In addition, the forward-looking statements included in this press
release represent the Company’s views only as of the date of this
press release. Important factors could cause our actual results to
differ materially from those indicated or implied by
forward-looking statements, and as such we anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing our views as of any date
subsequent to the date of this press release.
Investor Contact
Jim Fickenscher, CFO and VP, Corporate Development
Zynerba Pharmaceuticals
484.581.7483
Fickenscherj@zynerba.com
Kimberly Minarovich
Argot Partners
212.600.1902
kimberly@argotpartners.com
Media Contact
Eliza Schleifstein
Argot Partners
973.361.1546
eliza@argotpartners.com
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