Conatus Announces Pricing of Public Offering of Common Stock
May 11 2017 - 9:02AM
Conatus Pharmaceuticals Inc. (Nasdaq:CNAT), a biotechnology company
focused on the development and commercialization of novel medicines
to treat liver disease, announced today that it has priced an
underwritten public offering of 5,200,000 shares of its common
stock at a price to the public of $5.50 per share. Gross proceeds,
before underwriting discounts and commissions and estimated
offering costs, are expected to be approximately $28.6 million.
Conatus intends to use approximately $16.7 million of the gross
proceeds from the offering to fund pipeline expansion and for
working capital and other general corporate purposes, and
approximately $11.9 million of the gross proceeds to repurchase and
retire 2,166,836 shares of common stock held by funds affiliated
with Advent Private Equity at a price equal to the net proceeds per
share that Conatus will receive from this offering, before
expenses. Conatus has granted the underwriters a 30-day option to
purchase up to 780,000 additional shares of its common stock. The
offering is expected to close on or about May 16, 2017, subject to
satisfaction of customary closing conditions.
Stifel and SunTrust Robinson Humphrey are acting as book-running
managers for the offering.
The securities described above are being offered by Conatus
pursuant to a registration statement previously filed and declared
effective by the Securities and Exchange Commission (SEC). A final
prospectus supplement and accompanying prospectus relating to this
offering will be filed with the SEC. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
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. When available, copies of the final
prospectus supplement and the accompanying prospectus relating to
this offering may be obtained from Stifel, Nicolaus & Company,
Incorporated, Attention: Syndicate, One Montgomery Street, Suite
3700, San Francisco, California 94104, by telephone at (415)
364-2720 or by email at syndprospectus@stifel.com, or by contacting
SunTrust Robinson Humphrey by mail at 3333 Peachtree Road NE,
Atlanta, GA 30326, Attention: Prospectus Department, by telephone
at (404) 926-5744 or by email at STRH.Prospectus@suntrust.com.
Electronic copies of the final prospectus supplement and
accompanying prospectus will also be available on the website of
the SEC at www.sec.gov.
About Conatus PharmaceuticalsConatus is a
biotechnology company focused on the development and
commercialization of novel medicines to treat liver disease.
Conatus is developing its lead compound, emricasan, for the
treatment of patients with chronic liver disease. Emricasan is
designed to reduce the activity of enzymes that mediate
inflammation and apoptosis. Conatus believes that by reducing the
activity of these enzymes, emricasan has the potential to interrupt
the disease progression across the spectrum of liver disease.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical facts contained in
this press release are forward-looking statements, including
statements regarding emricasan’s potential to interrupt the disease
progression across the spectrum of liver disease and Conatus’
expectations on the completion, timing and size of the public
offering and the anticipated use of proceeds therefrom. In
some cases, you can identify forward-looking statements by terms
such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,”
“could,” “intend,” “target,” “project,” “contemplates,” “believes,”
“estimates,” “predicts,” “potential” or “continue” or the negative
of these terms or other similar expressions. These
forward-looking statements speak only as of the date of this press
release and are subject to a number of risks, uncertainties and
assumptions, including the risks and uncertainties associated with
market conditions and the satisfaction of customary closing
conditions related to the public offering, as well as risks and
uncertainties inherent in Conatus’ business, including those
described in the company’s prior press releases and in the periodic
reports it files with the SEC. The events and circumstances
reflected in the company’s forward-looking statements may not be
achieved or occur and actual results could differ materially from
those projected in the forward-looking statements. Except as
required by applicable law, the company does not plan to publicly
update or revise any forward-looking statements contained herein,
whether as a result of any new information, future events, changed
circumstances or otherwise.
CONTACT: Alan Engbring
Conatus Pharmaceuticals Inc.
(858) 376-2637
aengbring@conatuspharma.com
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