SAN DIEGO, June 14, 2017 /PRNewswire/ -- Viking
Therapeutics, Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage
biopharmaceutical company focused on the development of novel
therapies for metabolic and endocrine disorders, today announced it
has entered into a securities purchase agreement with certain
accredited investors to purchase approximately $4.3 million of its common stock in a registered
direct offering.
Under the terms of the purchase agreement Viking has agreed to
sell approximately 3.7 million shares of its common stock. In
a concurrent private placement, Viking has agreed to issue warrants
to purchase up to approximately 2.8 million shares of its common
stock. The warrants will be exercisable six months following
the date of issuance, will expire on the fifth anniversary of the
initial exercise date and have an exercise price of $1.30 per share. The combined purchase
price for one registered share of common stock and one unregistered
warrant to purchase 0.75 of an unregistered share of common stock
will be $1.15. The gross
proceeds to Viking from the registered direct offering and
concurrent private placement are estimated to be approximately
$4.3 million before deducting the
placement agents' fees and other estimated offering expenses. The
registered direct offering and concurrent private placement are
expected to close on or about June 19,
2017, subject to the satisfaction of customary closing
conditions.
Maxim Group LLC and Roth Capital Partners are acting as
placement agents for the offering.
The sale of shares of common stock described above is being made
pursuant to a shelf registration statement on Form S-3 (File No.
333-212134), previously filed with the Securities and Exchange
Commission (the "SEC") on June 20,
2016, as amended by Amendment No. 1 thereto, previously
filed with the SEC on July 26, 2016,
and declared effective on July 26,
2016. Such shares of common stock are being offered only by
means of a prospectus. A prospectus supplement and the accompanying
prospectus relating to and describing the terms of the registered
direct offering will be filed with the SEC. When available, copies
of the prospectus supplement and the accompanying prospectus
relating to the registered direct offering may be obtained at the
SEC's website at www.sec.gov or by contacting Maxim Group LLC at
405 Lexington Avenue, 2nd Floor, New
York, New York 10174, or by telephone at 212-895-3745; or by
contacting Roth Capital Partners at 888 San Clemente, Newport Beach, CA 92660, by telephone at
800-678-9147 or by email to: rothecm@roth.com.
The unregistered warrants described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the "Act"), and Regulation D promulgated
thereunder and, along with the shares of common stock underlying
the warrants, have not been registered under the Act or applicable
state securities laws. Accordingly, the warrants and underlying
shares of common stock may not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
registration requirements of the Act and such applicable state
securities laws.
This press release does 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 state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Viking Therapeutics, Inc.
Viking Therapeutics,
Inc. is a clinical-stage biopharmaceutical company focused on the
development of novel, first-in-class or best-in-class therapies for
metabolic and endocrine disorders. The company's research and
development activities leverage its expertise in metabolism to
develop innovative therapeutics designed to improve patients'
lives. Viking has exclusive worldwide rights to a portfolio
of five therapeutic programs in clinical trials or preclinical
studies, which are based on small molecules licensed from Ligand
Pharmaceuticals Incorporated. The company's clinical programs
include VK5211, an orally available, non-steroidal selective
androgen receptor modulator, or SARM, in Phase 2 development for
the treatment and prevention of lean body mass loss in patients who
have undergone hip fracture surgery, VK2809, a small molecule
thyroid beta agonist in Phase 2 development for
hypercholesterolemia and fatty liver disease, and VK0612, a
first-in-class, orally available drug candidate in Phase 2
development for type 2 diabetes. Viking is also developing
novel and selective agonists of the thyroid beta receptor for GSD
Ia and X-linked adrenoleukodystrophy, as well as two earlier-stage
programs targeting metabolic diseases and anemia.
Follow Viking on Twitter @Viking_VKTX.
Forward-Looking Statements
Viking cautions you that
statements included in this press release that are not a
description of historical facts are forward-looking statements.
Words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek," "estimate," "think," "may," "could," "will," "would,"
"should," "continue," "potential," "likely," "opportunity" and
similar expressions or variations of such words are intended to
identify forward-looking statements, but are not the exclusive
means of identifying forward-looking statements. These statements
are based on Viking's current beliefs and expectations. These
forward-looking statements include statements regarding Viking's
expectations on the timing and completion of the financing and the
anticipated proceeds therefrom. The inclusion of forward-looking
statements should not be regarded as a representation by Viking
that any of its plans will be achieved. Actual results may differ
from those set forth in this press release due to the risks and
uncertainties associated with market conditions and the
satisfaction of customary closing conditions related to the
financing and other risks and uncertainties inherent in Viking's
business, including those described in Viking's periodic filings
with the SEC and the prospectus supplement and related prospectus
for this offering filed with the SEC. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. There may be events in the
future that Viking is unable to predict, or over which it has no
control, and Viking's business, financial condition, results of
operations and prospects may change in the future. Viking assumes
no responsibility to update or revise any forward-looking
statements to reflect events, trends or circumstances after the
date they are made, except as required by applicable law. All
forward-looking statements are qualified in their entirety by this
cautionary statement. This caution is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
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SOURCE Viking Therapeutics, Inc.