ContraVir Pharmaceuticals Announces Proposed Public Offering of Common Stock and Warrants
April 24 2017 - 4:01PM
ContraVir Pharmaceuticals, Inc. (“ContraVir”) (NASDAQ:CTRV), a
biopharmaceutical company focused on the development and
commercialization of targeted antiviral therapies, today announced
that it has commenced an underwritten public offering, subject to
market and other conditions, to issue and sell shares of its common
stock and warrants to purchase shares of its common stock. The
shares of common stock and warrants will be issued separately.
There is no established public trading market for the warrants and
ContraVir does not expect a market to develop in the future.
There can be no assurance as to whether or when the offering may be
completed, or to the actual size or terms of the offering.
ContraVir intends to use the net proceeds from the sale of the
securities to fund research and development activities, including
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.
Canaccord Genuity is acting as sole book-running
manager for the offering.
The shares of common stock and warrants described
above are being offered pursuant to a shelf registration statement
previously filed with and declared effective by the Securities and
Exchange Commission (SEC). A preliminary prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC and will be available for free on the SEC’s website at
www.sec.gov. Copies of the preliminary prospectus supplement and
the accompanying prospectus relating to the offering may also be
obtained, when available, from Canaccord Genuity Inc., Attention:
Equity Syndicate Department, 99 High Street, 12th Floor, Boston,
Massachusetts 02110, by telephone at (617) 371-3900, or by email at
prospectus@canaccordgenuity.com.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any of ContraVir’s
securities. No offer, solicitation or sale will be made in any
state or other jurisdiction in which such offering, solicitation or
sale would be unlawful.
About ContraVir
Pharmaceuticals
ContraVir is a biopharmaceutical company focused on
the development and commercialization of targeted antiviral
therapies with a specific focus on developing a potentially
curative therapy for hepatitis B virus (HBV). The Company is
developing two novel anti-HBV compounds with complementary
mechanisms of action. One compound, TXL™ (formerly CMX157), is a
highly potent analog of the successful antiviral drug Viread®
(tenofovir disoproxil fumerate), and is currently in Phase 2a of
development. TXL™ has demonstrated the potential for low,
once-daily dosing and decreased systemic exposure compared to
tenofovir, thereby potentially reducing renal and bone side
effects. CRV431, the other anti-HBV compound, is a next-generation
cyclophilin inhibitor with a unique structure that increases its
potency and selective index against HBV. ContraVir is also
developing Valnivudine, an orally available nucleoside analogue
prodrug; Valnivudine is currently in Phase 3 for the treatment of
herpes zoster. In addition to direct antiviral activity, Phase 2
data suggest that Valnivudine has the potential to reduce the
incidence of debilitating shingles-associated pain known as
post-herpetic neuralgia (PHN). For more information visit
www.contravir.com.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements relating to ContraVir’s
expectations regarding the timing of the proposed public offering.
These statements are subject to significant risks and uncertainties
and actual results could differ materially from those projected.
ContraVir cautions investors not to place undue reliance on the
forward-looking statements contained in this release. These risks
and uncertainties include, without limitation, risks and
uncertainties related to market conditions related to the public
offering. There can be no assurance that ContraVir will be able to
complete the public offering on the anticipated terms, or at all.
ContraVir does not undertake an obligation to update or revise any
forward-looking statement. Investors should read the risk factors
set forth in ContraVir's Form 10-K for the year ended June 30, 2016
and other periodic reports filed with the Securities and Exchange
Commission.
For further information, please contact:
Sharen Pyatetskaya
Director of Investor Relations
sp@contravir.com; (732) 902-4028
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