Aquinox Announces Closing of $75.4 Million Public Offering of Common Stock, Including Full Exercise of Underwriters’ Option...
September 23 2016 - 01:15PM
Aquinox Pharmaceuticals, Inc. (“Aquinox”) (NASDAQ:AQXP), a
clinical-stage pharmaceutical company discovering and developing
targeted therapeutics in disease areas of inflammation and
immuno-oncology, today announced the closing of its previously
announced underwritten public offering of 6,152,500 shares of its
common stock, including 802,500 shares sold pursuant to the
underwriters’ full exercise of their option to purchase additional
shares, at a price to the public of $12.25 per share. The
gross proceeds from the offering (inclusive of the option
exercise), before underwriting discounts and commissions and
offering costs, are $75.4 million.
Aquinox intends to use the net proceeds from the offering to
fund additional clinical development of AQX-1125 and to fund
pre-commercial and market assessment activities, research and
development costs to advance its pipeline of preclinical product
candidates and for working capital and other general corporate
purposes.
Leerink Partners LLC, Canaccord Genuity and Guggenheim
Securities acted as joint book-running managers for the offering.
Needham & Company acted as lead manager.
The securities described above were offered by Aquinox pursuant
to a registration statement previously filed with and declared
effective by the Securities and Exchange
Commission (SEC). A final prospectus supplement and
accompanying prospectus relating to this offering has been filed
with the SEC and is available on
the SEC’s website at http://www.sec.gov/. Copies of
the final prospectus supplement and the accompanying prospectus
relating to this offering may be obtained from Leerink
Partners LLC, Attention: Syndicate Department, One Federal Street,
37th Floor, Boston, MA, 02110, by telephone at (800) 808-7525 ext.
6142 or by email at syndicate@leerink.com; from Canaccord Genuity
Inc., Attn: Syndicate Department, 99 High Street, Floor 12, Boston,
MA 02110, by telephone at (617) 371-3900 or by email at
prospectus@canaccordgenuity.com; or from Guggenheim Securities,
LLC, Attention: Equity Syndicate Department, 330 Madison Avenue,
8th Floor, New York, NY 10017, by telephone at (212) 518-9658 or by
email at GSEquityProspectusDelivery@guggenheimpartners.com.
The offered shares of common stock are being qualified for
distribution by way of a preliminary prospectus supplement and a
final prospectus supplement to Aquinox’s Canadian base shelf
prospectus dated January 26, 2016 that was filed with the
securities commissions in British Columbia, Alberta and
Ontario.
This press release shall not constitute an offer to sell or a
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. The shares of common stock which are
the subject of the offering contemplated by this press release are
not being offered or sold, directly or indirectly, in Canada or to
any resident of Canada.
About AQX-1125
AQX-1125, Aquinox’s lead drug candidate, is a small molecule
activator of SHIP1, which is a regulating component of the PI3K
cellular signalling pathway. By increasing SHIP1 activity, AQX-1125
accelerates a natural mechanism that has evolved to maintain
homeostasis of the immune system and reduce immune cell activation
and migration to sites of inflammation. AQX-1125 has demonstrated
preliminary safety and favorable drug properties for once daily
oral administration in multiple preclinical studies and seven
completed clinical trials.
About Interstitial Cystitis/Bladder Pain Syndrome
(IC/BPS)
IC/BPS is a chronic inflammatory bladder disease characterized
by pelvic pain and increased urinary urgency and/or frequency. For
many sufferers, these symptoms are severe and adversely affect all
major aspects of their lives, including overall physical and
emotional health, employment, social and intimate relationships,
and leisure activities. While the cause of the disease remains
largely unknown, erosion of the bladder lining is thought to be a
significant contributor. IC/BPS is estimated to affect millions of
people in the United States and around the world. Most IC/BPS
patients continue to suffer this debilitating condition, despite
treatment with existing therapies. Most current therapies and those
in development are focused solely on symptomatic relief of IC/BPS.
Aquinox believes new and innovative therapies that target the
underlying disease in order to reduce the chronic pain and urinary
symptoms are needed.
About Aquinox Pharmaceuticals, Inc.
Aquinox Pharmaceuticals, Inc. is a clinical-stage pharmaceutical
company discovering and developing targeted therapeutics in disease
areas of inflammation and immuno-oncology. Aquinox’s lead drug
candidate, AQX-1125, is a small molecule activator of SHIP1
suitable for oral, once daily dosing. With a successful Phase 2
clinical trial completed in 2015, Aquinox initiated a Phase 3 trial
in 2016 (LEADERSHIP 301) with AQX-1125 for treatment of IC/BPS.
Aquinox has a broad intellectual property portfolio and pipeline of
preclinical drug candidates that activate SHIP1. For more
information, please visit www.aqxpharma.com.
Forward-Looking Statements
To the extent that statements contained in this press release
are not descriptions of historical facts regarding Aquinox, they
are forward-looking statements reflecting the current beliefs and
expectations of management made pursuant to the safe harbor of the
Private Securities Litigation Reform Act of 1995, including
Aquinox’s proposed offering and use of proceeds as well as
statements including the words “expect”, “intend” or “may.” Such
forward-looking statements involve substantial risks and
uncertainties that could cause Aquinox’s future results,
performance or achievements to differ significantly from those
expressed or implied by the forward-looking statements. Such risks
and uncertainties include, among others, the uncertainties related
to market conditions and the completion of the public offering on
the anticipated terms or at all and the uncertainties inherent in
research and the clinical development process. Aquinox undertakes
no obligation to update or revise any forward-looking statements.
For a further description of the risks and uncertainties that could
cause actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to Aquinox’s
business in general, please refer to Aquinox’s prospectus
supplement filed with the Securities and Exchange Commission (SEC)
on September 20, 2016, including the documents incorporated by
reference therein, which include Aquinox’s Annual Report on Form
10-K filed with the SEC on March 14, 2016, Aquinox’s Quarterly
Report on Form 10-Q filed with the SEC on August 4, 2016, and
Aquinox’s other periodic reports filed with the SEC.
Investor Contact: |
|
|
|
Brendan Payne |
Gitanjali
Ogawa |
Senior Manager,
Investor Relations |
Vice President |
Aquinox
Pharmaceuticals, Inc. |
The Trout Group |
604.901.3019 |
646.378.2949 |
ir@aqxpharma.com |
Gogawa@troutgroup.com |
Aquinox Pharmaceuticals (NASDAQ:AQXP)
Historical Stock Chart
From Feb 2024 to Mar 2024
Aquinox Pharmaceuticals (NASDAQ:AQXP)
Historical Stock Chart
From Mar 2023 to Mar 2024