Cesca Prices $5.5 Million Public Offering
May 16 2018 - 12:00PM
Cesca Therapeutics Inc. (NASDAQ:KOOL), a market leader in automated
cell processing and point-of-care, autologous cell-based therapies,
today announced the pricing of its public offering of
9,166,667 units (the “Units”), with each Unit consisting of
one common share, $0.001 par value (the “Common Shares”) or Common
Share equivalent and one common warrant to purchase one Common
Share (the “Warrants”). Cesca is offering the Units at a
price of $0.60 per Unit.
H.C. Wainwright & Co. is acting as exclusive placement agent
for the offering.
The Warrants will be exercisable immediately at
an exercise price of $0.60 per share and will expire five years
from the date of issuance. The Common Shares or Common Share
equivalents and the accompanying Warrants can only be purchased
together in this offering but will be issued separately. The
offering is expected to close on or about May 18, 2018, subject to
customary closing conditions.
The gross proceeds to Cesca before placement
agent fees and offering expenses are expected to be approximately
$5.5 million, excluding the proceeds, if any, from the exercise of
the warrants. Cesca intends to use the net proceeds for general
corporate purposes, including working capital and to pay accrued
but unpaid interest of approximately $657,000 under Cesca’s
revolving line of credit.
A registration statement on Form S-1, as amended
(File No. 333-224185), relating to these securities was declared
effective by the Securities and Exchange Commission (“SEC”) on May
16, 2018. This offering is being made only by means of a prospectus
forming part of the effective registration statement. A preliminary
prospectus relating to and describing the terms of the offering has
been filed with the SEC. Copies of the preliminary prospectus, and
when available, copies of the final prospectus relating to the
offering may be obtained for free by visiting the SEC's website at
www.sec.gov or from H.C. Wainwright & Co., LLC, 430 Park
Avenue, 3rd Floor, New York, New York 10022, by email at
placements@hcwco.com or by telephone at 646-975-6996.
This press release shall not constitute an offer
to sell or a 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 Cesca Therapeutics
Inc.
Cesca Therapeutics Inc. (the “Company”)
develops, commercializes and markets a range of automated
technologies for CAR-T and other cell-based therapies. Its device
division, ThermoGenesis
Corp., provides a full suite of
solutions for automated clinical biobanking, point-of-care
applications, and automation for immuno-oncology. The Company is
developing an automated, functionally-closed CAR-TXpress™ platform
to streamline the manufacturing process for the emerging CAR-T
immunotherapy market.
Forward-Looking Statements
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements may be identified
by the use of words such as “anticipate,” “believe,” “forecast,”
“estimated” and “intend” or other similar terms or expressions that
concern Cesca’s expectations, strategy, plans or intentions. These
forward-looking statements are based on Cesca’s current
expectations and actual results could differ materially. There are
a number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, market condition;
the satisfaction of customary closing conditions related to the
offering; the expected closing date of the offering; the expected
use of the net proceeds from the offering; our need for additional
financing; our ability to continue as a going concern;
uncertainties of government or third party payer reimbursement;
dependence on key personnel; substantial competition; uncertainties
of patent protection and litigation; dependence upon third parties;
regulatory, financial and business risks related to our
international expansion and risks related to failure to obtain FDA
clearances or approvals and noncompliance with FDA regulations.
There are no guarantees that any of our technology products will be
utilized or prove to be commercially successful. Investors should
read the risk factors set forth in Cesca’s Transition Report on
Form 10-K for the year ended December 31, 2017 and Annual Report on
Form 10-K for the year ended June 30, 2017, and other periodic
reports filed with the Securities and Exchange
Commission. While the list of factors presented here is
considered representative, no such list should be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements. Forward-looking
statements included herein are made as of the date hereof, and
Cesca does not undertake any obligation to update publicly such
statements to reflect subsequent events or circumstances.
Company Contact: Cesca Therapeutics Inc.
Wendy Samford 916-858-5191 ir@cescatherapeutics.com
Investor Contact: Rx Communications Paula
Schwartz 917-322-2216 pschwartz@rxir.com
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