Minerva Neurosciences Announces Closing of Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Pu...
July 05 2017 - 4:05PM
Minerva Neurosciences, Inc. (NASDAQ:NERV), a clinical-stage
biopharmaceutical company, today announced the closing of its
previously announced public offering of 5,750,000 shares of its
common stock, including 750,000 shares sold pursuant to the
underwriters’ full exercise of their option to purchase additional
shares, at a price to the public of $7.75 per share.
Citigroup and Jefferies acted as the book-running managers for
the offering, and JMP Securities acted as lead manager for the
offering.
Proceeds to Minerva from the offering, before deducting
underwriting discounts and commissions and other offering expenses,
are expected to be approximately $44,562,500. The offering is
expected to close on or about July 5, 2017, subject to customary
closing conditions.
Minerva intends to use the net proceeds from the offering,
together with its existing cash and investments, to fund part of
the continued clinical development of MIN-101, MIN-202, MIN-117 and
MIN-301, and for working capital and general corporate
purposes.
The securities described above were offered pursuant to a shelf
registration statement on Form S-3 (File No. 333-205764) that
was filed with the United States Securities and Exchange Commission
(“SEC”) on July 21, 2015 and that was declared effective by
the SEC on July 27, 2015. The offering was conducted only by
means of a written prospectus and prospectus supplement that form a
part of the registration statement, which are available on the
SEC’s website at www.sec.gov and which may also be obtained by
request at Citigroup, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717, or by email at
prospectus@citi.com or by phone at (800) 831-9146, or
Jefferies, Attention: Equity Syndicate Prospectus Department, 520
Madison Avenue, 2nd Floor, New York, NY 10022, telephone:
(877) 821-7388,
e-mail: Prospectus_Department@Jefferies.com.
The securities described above have not been qualified under any
state blue sky laws. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy these
securities, nor shall there be any sale of these securities in any
state or other 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 other
jurisdiction.
About Minerva Neurosciences
Minerva Neurosciences, Inc. is a clinical-stage
biopharmaceutical company focused on the development and
commercialization of a portfolio of products to treat CNS
diseases. Minerva’s proprietary compounds include: MIN-101,
in clinical development for schizophrenia; MIN-202 (JNJ-42847922),
in clinical development for insomnia and major depressive disorder
(MDD); MIN-117, in clinical development for MDD; and MIN-301, in
pre-clinical development for Parkinson’s disease. Minerva’s
common stock is listed on the NASDAQ Global Market under the symbol
“NERV.”
Forward-Looking Safe Harbor Statement
Any statements in this press release about future expectations,
plans and prospects for Minerva Neurosciences, Inc., including
statements about Minerva's anticipated public offering, anticipated
use of proceeds and plans and prospects for Minerva and other
statements containing the words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "target," "potential," "will," "would," "could,"
"should," "continue," and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors, including: uncertainties
inherent in the initiation of future clinical trials and such other
factors as are set forth in the risk factors detailed in Minerva's
Quarterly Report on Form 10-Q for the quarter ended March 31,
2017, filed with the Securities and Exchange
Commission on May 4, 2017 under the heading “Risk
Factors.” In addition, the forward-looking statements
included in this press release represent Minerva's views as of the
date hereof. Minerva anticipates that subsequent events and
developments will cause Minerva's views to change. However, while
Minerva may elect to update these forward-looking statements at
some point in the future, Minerva specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing Minerva's views as of any date
subsequent to the date hereof.
Contact:
William B. Boni
VP, Investor Relations/
Corp. Communications
Minerva Neurosciences, Inc.
(617) 600-7376
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