WAYNE, Pa., July 11, 2017 /PRNewswire/ -- Egalet
Corporation (Nasdaq: EGLT) ("Egalet"), a fully integrated specialty
pharmaceutical company focused on developing, manufacturing and
marketing innovative treatments for pain and other conditions,
today announced the closing of its previously announced
underwritten public offering of 16,666,667 shares of its common
stock and accompanying warrants to purchase up to 16,666,667
shares, at a combined public offering price of $1.80 per share and accompanying warrant. The
aggregate gross proceeds to Egalet from this offering are expected
to be approximately $30.0 million,
before deducting the underwriting discounts and commissions and
other estimated offering expenses payable by Egalet.
Egalet anticipates using the net proceeds from the offering,
together with its existing cash, cash equivalents and marketable
securities available for sale, to support its commercial sales and
marketing efforts with respect to ARYMO® ER (morphine
sulfate) extended-release tablets for oral use —CII,
SPRIX® (ketorolac tromethamine) Nasal Spray and
OXAYDO® (oxycodone HCI, USP) tablets for oral use
only —CII and for general corporate purposes, including potential
business development opportunities.
Cantor Fitzgerald & Co. acted as the sole book-running
manager for the offering.
The securities described above are being offered by the Company
pursuant to a shelf registration statement previously filed with
and declared effective by the Securities and Exchange Commission
(the "SEC") on February 11,
2016. A prospectus supplement and the accompanying prospectus
relating to the securities being offered were filed with the SEC on
July 7, 2017 and are available on the
SEC's website at http://www.sec.gov. Copies of the final prospectus
supplement and accompanying prospectus may also be obtained from
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.
This announcement is neither an offer to sell, nor a
solicitation of an offer to buy, any of these securities and shall
not constitute an offer, solicitation or sale in any state or
jurisdiction in which such offer, solicitation or sale is
unlawful. Any offer, if at all, will be made only by means of
the prospectus supplement and accompanying prospectus forming a
part of the effective registration statement.
About Egalet
Egalet, a fully integrated specialty pharmaceutical company, is
focused on developing, manufacturing and commercializing innovative
treatments for pain and other conditions. Egalet has three approved
products: ARYMO® ER (morphine sulfate) extended-release
tablets for oral use —CII, developed using Egalet's proprietary
Guardian™ Technology, OXAYDO® (oxycodone HCI, USP) tablets for
oral use only —CII and SPRIX® (ketorolac tromethamine) Nasal
Spray. Using Guardian Technology, Egalet is developing a pipeline
of clinical-stage, product candidates including Egalet-002, an
abuse-deterrent, extended-release, oral oxycodone formulation for
the management of pain severe enough to require daily,
around-the-clock, long-term opioid treatment and for which
alternative treatment options are inadequate. Guardian Technology
can be applied broadly across different classes of pharmaceutical
products and can be used to develop combination products that
include multiple active pharmaceutical ingredients with similar or
different release profiles. For full prescribing information on
ARYMO ER, including the boxed warning and medication guide, please
visit arymoer.com. For full prescribing information on SPRIX,
including the boxed warning and medication guide, please visit
sprix.com. For full prescribing information on OXAYDO, including
the boxed warning and medication guide, please visit
oxaydo.com.
Safe Harbor
Statements included in this press release that are not
historical in nature are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
expectations, and are subject to known and unknown uncertainties
and risks. Actual results could differ materially from those
discussed due to a number of factors, including, but not limited
to: the use of proceeds of this offering; the success of Egalet's
clinical trials; Egalet's ability to obtain regulatory approval of
Egalet's product candidates and the labeling claims that Egalet
believes are necessary or desirable for successful
commercialization of its products and product candidates; Egalet's
ability to maintain the intellectual property position of Egalet's
products and product candidates; Egalet's ability to identify and
reliance upon qualified third parties to manufacture its products;
Egalet's ability to commercialize its products, and to do so
successfully; the costs of commercialization activities, including
marketing, sales and distribution; the size and growth potential of
the markets for Egalet's products and product candidates, and
Egalet's ability to service those markets; Egalet's ability to
obtain reimbursement and third-party payor contracts for its
products; Egalet's ability to service its debt obligations;
Egalet's ability to raise additional funds to execute its business
plan and growth strategy on terms acceptable to Egalet, if at all;
Egalet's ability to find and hire qualified sales professionals;
the rate and degree of receptivity in the marketplace and among
healthcare providers to Egalet's products; the success of products
that compete with Egalet's that are or become available; general
market conditions; and other risk factors set forth in Egalet's
filings with the SEC from time to time. While Egalet may elect to
update these forward-looking statements at some point in the
future, it specifically disclaims any obligation to update or
revise any forward-looking-statements contained in this press
release whether as a result of new information or future events,
except as may be required by law.
Investor and Media Contact:
E. Blair Clark-Schoeb
Senior Vice President, Communications
Email: bcs@egalet.com
Tel: 484-259-7370
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SOURCE Egalet Corporation