Amedica Announces Pricing of Public Offering to Raise $4.5 Million
January 19 2017 - 9:46AM
Marketwired
Amedica Announces Pricing of Public Offering to Raise $4.5
Million
SALT LAKE CITY, UT-(Marketwired - Jan 19, 2017) - Amedica
Corporation (NASDAQ: AMDA), a company that develops and
commercializes silicon nitride ceramics, today announced the
pricing of an underwritten public offering of common stock and
warrants with a public offering price of $0.51 for one share of
common stock and 0.45 warrants. Each whole warrant is exercisable
for one share of common stock. The Company expects to receive gross
proceeds of approximately $4.5 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses. The Company has also granted a 45-day option to the
underwriters to purchase up to an additional 15% of the shares of
common stock plus up to 15% of the warrants; provided that in no
event may the aggregate market value of securities sold in the
offering, including from the over-allotment option, exceed the
limitations set forth in Rule I.B.6 of Form S-3 solely to cover
over-allotments, if any.
The warrants have an exercise price of $0.55 per share, are
exercisable immediately, and will expire five years from the date
of issuance.
The offering is expected to close on or about January 24, 2017,
subject to customary closing conditions.
Maxim Group LLC is acting as sole book-running manager for the
offering.
Amedica intends to use the net proceeds from the offering to (1)
remain in compliance with the financial covenants in its
outstanding Loan and Security Agreement; (2) support working
capital needs and other general corporate purposes; (3) fund
research and development and commercialization activities of
Amedica's product candidates, including the funding of clinical
trials Amedica plans to conduct for its product candidates; and (4)
continue to build sales, marketing and distribution capabilities
for Amedica's silicon nitride technology platform and other
products, including the costs of inventory and instruments.
The common stock and warrants were offered by means of a
preliminary prospectus supplement and accompanying prospectus,
which was filed with the United States Securities and Exchange
Commission ("SEC") on January 19, 2017 and forms a part of the
effective registration statement on Form S-3 (File No. 333-205545),
which was declared effective by the SEC on July 20, 2015. A final
prospectus relating to this offering will be filed by Amedica with
the SEC. Copies of the final prospectus can be obtained, when
available, at the website of the SEC at http://www.sec.gov or from
Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY
10174, at 212-895-3745.
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 Amedica Corporation Amedica is focused on the development
and application of interbody implants manufactured with
medical-grade silicon nitride ceramic. Amedica markets spinal
fusion products and is developing a new generation of wear- and
corrosion-resistant implant components for hip and knee
arthroplasty as well as dental applications. The Company's products
are manufactured in its ISO 13485 certified manufacturing facility
and through its partnership with Kyocera, one of the world's
largest ceramic manufacturers. Amedica's FDA-cleared and CE-marked
spine products are currently marketed in the U.S. and select
markets in Europe and South America through its distributor network
and its growing OEM and private label partnerships.
For more information on Amedica or its silicon nitride material
platform, please visit www.amedica.com.
Forward-Looking Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934, as amended by the
Private Securities Litigation Reform Act of 1995. These statements
and similar statements are subject to risks and uncertainties such
as changes in the market impacting the ability of the Company to
close the expected offering. Additional factors that could cause
actual results to differ materially from those contemplated within
this press release can also be found in Amedica's Risk Factors
disclosure in its Annual Report on Form 10-K, filed with the
Securities and Exchange Commission (SEC) on March 23, 2016, and in
Amedica's other filings with the SEC. Amedica disclaims any
obligation to update any forward-looking statements.
Contact Information
Contacts: Amedica IR 801-839-3502 IR@amedica.com
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