EDISON, N.J., Oct. 7, 2015 /PRNewswire/ -- ContraVir
Pharmaceuticals, Inc. (Nasdaq: CTRV) ("ContraVir" or the
"Company"), a biopharmaceutical company focused on the development
and commercialization of targeted antiviral therapies, today
announced the pricing of an underwritten public offering of
5,000,000 shares of its common stock and warrants to purchase up to
3,000,000 shares of the Company's common stock at a fixed combined
price to the public of $3.00. The
shares of common stock and warrants will be issued
separately. The warrants will be exercisable for a period of
five years following the issuance thereof at an exercise price of
$4.25 per share. There is no
established public trading market for the warrants and ContraVir
does not expect a market to develop in the future. ContraVir
has also granted to the underwriters a 45-day option to purchase up
to an additional 750,000 shares of its common stock and warrants to
purchase up to 450,000 shares of common stock to cover
overallotments in connection with the offering. The gross
proceeds to ContraVir from this offering are expected to be
$15,000,000, before deducting the
underwriting discount and other estimated offering expenses payable
by the Company, and assuming no exercise of the overallotment
option. The offering is expected to close on or about
October 13, 2015, subject to
customary closing conditions.
Laidlaw & Company (UK) Ltd. is the sole book-running manager
for the offering. Noble Financial Capital Markets acted as a
financial advisor to the Company in connection with the
offering.
ContraVir intends to use the net proceeds from this offering to
fund its research and development activities, including ContraVir's
ongoing clinical trials, and for working capital and other general
corporate purposes, and possibly acquisitions of other companies,
products or technologies, though no such acquisitions are currently
contemplated.
A shelf registration statement on Form S-3 relating to the
securities was filed with the Securities and Exchange Commission
and is effective. A final prospectus supplement relating to the
offering will be filed with the SEC and will be available on the
SEC's web site at http://www.sec.gov. Electronic copies of the
preliminary prospectus supplement relating to the offering may be
obtained from the offices of Laidlaw & Company (UK) Ltd., 546
Fifth Avenue, 5th Floor, New
York, NY, 10036, telephone: 212-953-4900 or by email at
syndicate@laidlawltd.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 jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About ContraVir Pharmaceuticals, Inc.:
ContraVir is a biopharmaceutical company focused on the
discovery and development of targeted antiviral therapies with two
candidates in mid-to-late stage clinical development. ContraVir's
lead clinical drug, FV-100, is an orally available nucleoside
analogue prodrug that is being developed for the treatment of
herpes zoster, or shingles, which is currently in Phase 3 clinical
development. In addition to direct antiviral activity, FV-100
has demonstrated the potential to reduce the incidence of
debilitating shingles-associated pain known as post-herpetic
neuralgia (PHN) in a Phase 2 clinical study. ContraVir is also
developing CMX157, a highly potent analog of the successful
antiviral drug tenofovir, for the Hepatitis B virus (HBV). CMX157's
novel structure results in decreased circulating levels of
tenofovir, lowering systemic exposure and thereby reducing the
potential for renal side effects.
Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the proposed public offering and the intended use of
proceeds from the offering. The offering is subject to market and
other conditions and there can be no assurance as to whether or
when the offering may be completed. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including market conditions,
risks associated with the cash requirements of our business and
other risks detailed from time to time in our filings with the
Securities and Exchange Commission, and represent our views only as
of the date they are made and should not be relied upon as
representing our views as of any subsequent date. We do not assume
any obligation to update any forward-looking statements.
CONTACT:
Tiberend Strategic Advisors, Inc.
Tirth Patel (investors)
tpatel@tiberend.com; (212) 375-2681
Claire Sojda (media)
csojda@tiberend.com; (212) 375-2686
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/contravir-pharmaceuticals-inc-pricing-underwritten-public-offering-of-common-stock-300155728.html
SOURCE ContraVir Pharmaceuticals, Inc.