SYDNEY, Aug. 18, 2015 /PRNewswire/ -- Benitec Biopharma
Limited (NASDAQ: BNTC; NASDAQ: BNTCW; ASX: BLT), a clinical-stage
biotechnology company, is pleased to announce the pricing of its
U.S. initial public offering of 1,500,000 American Depositary
Shares[1] (ADSs), representing
30,000,000 fully paid ordinary shares of Benitec and warrants to
purchase 500,000 ADSs, representing 10,000,000 fully paid ordinary
shares, at a price of US$9.21 per ADS
and US$0.01 per warrant. Each ADS
represents 20 ordinary shares of Benitec. The warrants will have a
per ADS exercise price of US$5.50,
are exercisable immediately and will expire on August 21, 2020. Benitec has granted the
underwriters a 45-day option to purchase up to an additional
225,000 ADSs and/or 75,000 warrants to purchase ADSs to cover
over-allotments, if any.
The gross proceeds from the offering are expected to be
US$13.8 million, before deducting
underwriting discounts and commissions and other offering expenses.
Net proceeds from the offering will be used primarily to advance
Benitec's therapeutic programs.
The ADSs and the warrants will begin trading today on the NASDAQ
Capital Market under the symbols "BNTC" and "BNTCW," respectively.
The offering is expected to close on or about August 21, 2015, subject to customary closing
conditions.
Maxim Group LLC is acting as sole book-running manager for the
offering.
The initial public offering in the
United States is being made solely by means of a prospectus.
A registration statement relating to these securities has been
filed with, and declared effective by, the U.S. Securities and
Exchange Commission. Copies of the final prospectus relating
to the offering, when available, may be obtained for free by
visiting the U.S. Securities and Exchange Commission website at
http://www.sec.gov. Alternatively, a copy of the prospectus
related to this offering may be obtained from Maxim Group LLC by
mail at 405 Lexington Ave., New York, NY 10174, by
calling toll-free: (800) 724-0761, or by email:
syndicate@maximgrp.com.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction. In particular,
the ADSs and warrants are not being offered to the public in
Australia.
About Benitec Biopharma Limited:
Benitec Biopharma Limited is a biotechnology company, which has
developed a patented gene silencing technology delivered by gene
therapy, called DNA directed RNA interference (ddRNAi) that has the
potential to produce 'one-shot' cures for a range of diseases. The
company is developing ddRNAi-based therapeutics for chronic and
life-threatening human conditions including hepatitis C and B, drug
resistant lung cancer and wet age-related macular degeneration.
Benitec has also licensed ddRNAi to other biopharmaceutical
companies for applications including HIV/AIDS, Huntington's
disease, chronic neuropathic pain and retinitis
pigmentosa. For more information visit www.benitec.com.
Forward-looking statements
This press release
contains "forward-looking statements" within the meaning of the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements are made as of
the date they were first issued and were based on current
expectations and estimates, as well as the beliefs and assumptions
of management. The forward-looking statements included in this
press release represent Benitec's views as of the date of this
press release. Benitec anticipates that subsequent events and
developments may cause its views to change. Benitec undertakes no
intention or obligation to update or revise any forward-looking
statements, whether as of a result of new information, future
events or otherwise. These forward-looking statements should not be
relied upon as representing Benitec's views as of any date
subsequent to the date of this press release.
[1] An American Depositary Share is an instrument that enables
non-U.S. companies to list equity securities on a U.S. stock
exchange such as NASDAQ. Each ADS represents one or more underlying
ordinary shares in the non-US company and confers beneficial rights
of ownership to these underlying shares. The underlying shares are
held on deposit by a custodian bank in the non-U.S. company's home
country.
For further information regarding Benitec and its activities,
please contact the persons below.
Company
|
Investor
relations
|
United
States
|
Carl
Stubbings
Chief Business
Officer
Tel: +61 (2) 9555
6986
Email:
cstubbings@benitec.com
|
Kyahn Williamson
Buchan
Consulting
Tel: +61 (2) 9237
2807
Email:
kwilliamson@buchanwe.com.au
|
Tiberend Strategic
Advisors, Inc.
Joshua Drumm
(Investors)
Tel: +1 212 375
2664
Email:
jdrumm@tiberend.com
Andrew Mielach
(Media)
Tel: +1 212 375
2694
Email:
amielach@tiberend.com
|
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SOURCE Benitec Biopharma Limited