Vital Therapies Announces Exercise in Full of Underwriters’ Option to Purchase Additional Shares of Common Stock in Public ...
March 29 2017 - 4:01PM
Vital Therapies, Inc. (Nasdaq:VTL), a biotherapeutic company
developing ELAD®, a cell-based therapy targeting the treatment of
acute forms of liver failure, today announced that in connection
with its previously disclosed underwritten public offering, the
underwriters have exercised in full their option to purchase an
additional 1,312,500 shares of its common stock. Including
this option exercise, the total gross proceeds from the offering of
an aggregate of 10,062,500 shares at a price to the public of $4.00
per share will be approximately $40.3 million, before deducting the
underwriting discounts and commissions and offering expenses.
All of the shares are being sold by Vital Therapies. The sale of
the optional shares is expected to close on or about March 31,
2017, subject to customary closing conditions.
Vital Therapies currently plans to use the net
proceeds from this offering for the continuing clinical development
of the ELAD System, working capital and other general corporate
purposes.
Raymond James & Associates, Inc. is acting
as sole book-running manager for the offering. National
Securities Corporation, a wholly owned subsidiary of National
Holdings, Inc. (Nasdaq:NHLD), is acting as co-manager for the
offering.
A shelf registration statement (File No.
333-204097) was filed with the Securities and Exchange Commission
on May 12, 2015, and declared effective on May 26, 2015. A final
prospectus supplement related to the offering was filed with the
Securities and Exchange Commission on March 23, 2017. Copies
of the final prospectus supplement and accompanying prospectus
relating to the offering may be obtained from Raymond James &
Associates, Inc., Attention: Equity Syndicate, 880 Carillon
Parkway, St. Petersburg, Florida 33716, or by telephone at (800)
248-8863, or e-mail at prospectus@raymondjames.com. An
electronic copy of the final prospectus supplement and accompanying
prospectus relating to the offering is available on the website of
the Securities and Exchange Commission at www.sec.gov.
This press release does not constitute
an offer to sell or the solicitation of offers to buy any
securities of Vital Therapies, and shall not constitute an offer,
solicitation or sale of any security 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.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements other than statements of
historical facts contained in this press release are
forward-looking statements, including statements relating to the
close of the underwriters’ option to purchase additional shares,
the timing and size of the offering, the anticipated total gross
proceeds from the offering and the expected use of proceeds from
the offering. These statements involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Risks
and uncertainties include our ability to satisfy the conditions to
closing in the underwriting agreement and complete the
offering. Although we believe that the forward-looking
statements contained herein are reasonable, we can give no
assurance that our expectations are correct. All forward-looking
statements are expressly qualified in their entirety by this
cautionary statement. For a detailed description of our risks and
uncertainties, you are encouraged to review the official corporate
documents filed with the SEC. These forward-looking statements
speak only as of the date hereof and Vital Therapies, Inc.
disclaims any obligation to update these statements except as may
be required by law.
About Vital Therapies, Inc.
Vital Therapies, Inc. is a biotherapeutic
Company developing a cell-based therapy targeting the treatment of
acute forms of liver failure. The Company’s ELAD System is an
extracorporeal human allogeneic cellular liver therapy currently in
phase 3 clinical trials. Vital Therapies, Inc. is based in San
Diego, California. Vital Therapies® and ELAD® are trademarks of
Vital Therapies, Inc.
Contact:
Al Kildani
Vice President, Investor Relations and Business Development
Vital Therapies, Inc.
858-673-6840
akildani@vitaltherapies.com
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