Spring Bank Pharmaceuticals Prices $37.5 Million Public Offering of Common Stock
June 22 2017 - 9:00AM
Spring Bank Pharmaceuticals, Inc. (Nasdaq:SBPH) (“Spring Bank”), a
clinical-stage biopharmaceutical company developing novel
therapeutics for the treatment of viral infections, cancer, and
inflammatory diseases, announced today the pricing of its
previously announced underwritten public offering of 2,884,615
shares of its common stock at a price to the public of $13.00 per
share. Spring Bank’s gross proceeds from this offering are expected
to be approximately $37.5 million, before deducting underwriting
discounts and commissions and estimated offering expenses. In
addition, Spring Bank has granted the underwriters a 30-day option
to purchase up to an additional 432,692 shares of common stock on
the same terms and conditions. All of the shares in the
offering are being sold by Spring Bank. The offering is expected to
close on or about June 27, 2017, subject to customary closing
conditions.
Cantor Fitzgerald & Co. and William Blair & Company,
L.L.C. are acting as joint book-running managers and
representatives of the underwriters for the offering. Chardan is
acting as co-manager for the offering.
Spring Bank intends to use the net proceeds from this offering
for continued development of its product candidates and general
corporate purposes.
The public offering will be made pursuant to the shelf
registration statement on Form S-3 that was filed by Spring Bank
with the Securities and Exchange Commission (“SEC”) on June 1, 2017
and declared effective by the SEC on June 12, 2017. A preliminary
prospectus supplement and accompanying base prospectus relating to
and describing the terms of the offering has been filed with the
SEC and will be available on the SEC's website at www.sec.gov.
Copies of the preliminary prospectus supplement and accompanying
base prospectus, and when available, the final prospectus
supplement and the accompanying base prospectus, may be obtained by
contacting Cantor Fitzgerald & Co., Attention: Capital Markets,
499 Park Ave., 6th Floor, New York, New York 10022, or by telephone
at 212-829-7122, or by e-mail at prospectus@cantor.com and from
William Blair & Company, L.L.C., Attention: Prospectus
Department, 222 West Adams Street, Chicago, IL 60606, or by
telephone at 1-800-621-0687 or email at
prospectus@williamblair.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy Spring Bank’s common stock, nor
shall there be any sale of Spring Bank’s common stock in any state
or jurisdiction in which such an offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Any offers,
solicitations of offers to buy, or sales of the common stock will
only be made pursuant to the registration statement filed with the
SEC, including a prospectus and a related prospectus
supplement.
About Spring Bank Pharmaceuticals, Inc.
Spring Bank Pharmaceuticals, Inc. is a
clinical-stage biopharmaceutical company engaged in the discovery
and development of a novel class of therapeutics using its
proprietary small molecule nucleic acid hybrid (SMNH) chemistry
platform. SMNH compounds are small segments of nucleic acids that
the company designs to selectively target and modulate the activity
of specific proteins implicated in various disease states. The
company is developing its most advanced SMNH product candidate, SB
9200, for the treatment of viral diseases, including hepatitis B
virus (HBV) and other SMNH product candidates, including
SB 11285, the company’s lead immunotherapeutic agent for the
treatment of selected cancers through the activation of the
STimulator of INterferon
Genes, or STING,
pathway.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 and other federal securities laws.
Any statements contained herein which do not describe historical
facts, including but not limited to statements regarding the
proposed public offering and the anticipated use of proceeds of the
offering, are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially
from those discussed in such forward-looking statements. Such risks
and uncertainties include, among others, the risks identified in
Spring Bank’s filings with the SEC, including its Annual Report on
Form 10-K for the year ended December 31, 2016, filed with the SEC
on February 14, 2017, the preliminary prospectus supplement related
to the proposed public offering and subsequent filings with the
SEC. Any of these risks and uncertainties could materially and
adversely affect Spring Bank’s results of operations, which would,
in turn, have a significant and adverse impact on Spring Bank’s
stock price. Spring Bank cautions you not to place undue reliance
on any forward-looking statements, which speak only as of the date
they are made. Spring Bank undertakes no obligation to update
publicly any forward-looking statements to reflect new information,
events or circumstances after the date they were made or to reflect
the occurrence of unanticipated events.
Contact:
Spring Bank Pharmaceuticals, Inc.
Jonathan Freve
Chief Financial Officer
(508) 473-5993
jfreve@springbankpharm.com
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