Plus Therapeutics, Inc. Announces Pricing Of $15 Million Underwritten Public Offering
September 23 2019 - 12:15PM
Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”) today
announced the pricing of an underwritten public offering (the
“Offering”) of 3,000,000 units, each unit consisting of one share
of common stock (or a common stock equivalent) and one Series U
Warrant to purchase one share of common stock at a public offering
price of $5.00 per unit. The shares of common stock (or common
stock equivalents) and warrants comprising the units are
immediately separable and will be issued separately, but will be
purchased together. The Series U Warrants have an exercise price of
$5.00 per share, are immediately exercisable and will expire five
years from the date of issuance. The Company has granted the
underwriter a 45-day option to purchase up to an additional 450,000
shares of common stock and/or Series U Warrants to purchase up to
450,000 shares of common stock.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the Offering.
The gross proceeds of the Offering are expected
to be approximately $15 million, prior to deducting underwriting
discounts and commissions and estimated offering expenses and
excluding the exercise of any Series U Warrants and the
underwriter’s option to purchase additional securities. In
addition, in the event the underwriter exercises its option to
purchase additional securities in full and the Series U Warrants
are exercised in full, the Company expects to receive approximately
$19.5 million in additional gross proceeds. However, there can be
no assurance that the underwriter will exercise their option to
purchase additional securities or that all or a portion of the
Series U Warrants will be exercised prior to their expiration. This
Offering is expected to close on or about September 25, 2019,
subject to customary closing conditions.
The Company intends to use the net proceeds from
this Offering for working capital, payment of interest on its debt
and general corporate purposes, which may include research and
development of its oncology product pipeline, preclinical and
clinical trials and studies, regulatory submissions, expansion of
its sales and marketing organizations and efforts, intellectual
property protection and enforcement and capital expenditures.
A registration statement on Form S-1 (File No.
333-229485) relating to these securities was declared effective by
the U.S. Securities and Exchange Commission (the “SEC”) on
September 23, 2019. 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. Electronic 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 by contacting 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 Plus Therapeutics, Inc.
Plus Therapeutics, Inc. is a clinical-stage pharmaceutical
company focused on the discovery, development, and manufacturing
scale up of complex and innovative treatments for patients battling
cancer and other life-threatening diseases.
Our proprietary nanotechnology platform is currently centered
around the enhanced delivery of a variety of drugs using novel
liposomal encapsulation technology. Liposomal encapsulation has
been extensively explored and undergone significant technical and
commercial advances since it was first developed. Our
platform is designed to facilitate new delivery approaches and/or
formulations of safe and effective, injectable drugs, potentially
enhancing the safety, efficacy and convenience for patients and
healthcare providers.
Our lead product candidate, DocePLUS, is a protein-stabilized
PEGylated liposomal formulation of docetaxel, for which the process
of preparation is patented. The active pharmaceutical
ingredient, docetaxel, was approved by the FDA in 1999 and commonly
used for treating cancers of the breast, head, neck, stomach,
prostate, and lung.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain statements that may be
deemed “forward-looking statements” within the meaning of U.S.
securities laws. All statements, other than statements of
historical fact, that address activities, events or developments
that we intend, expect, project, believe or anticipate and similar
expressions or future conditional verbs such as will, should,
would, could or may occur in the future are forward-looking
statements. Such statements are based upon certain assumptions and
assessments made by our management in light of their experience and
their perception of historical trends, current conditions, expected
future developments and other factors they believe to be
appropriate. These statements include, without limitation,
statements about the completion, timing and size of the Offering
and the potential use of proceeds therefrom and the Company’s
potential to facilitate new delivery approaches and/or formulations
of safe and effective, injectable drugs, potentially enhancing the
safety, efficacy and convenience for patients and healthcare
providers. The forward-looking statements included in this press
release are subject to a number of additional material risks and
uncertainties, including but not limited to risks and uncertainties
associated with market conditions and the satisfaction of customary
closing conditions related to the Offering, and the risks described
under the heading “Risk Factors” in the Company’s SEC filings,
including the Company’s annual and quarterly reports. There may be
events in the future that the Company is unable to predict, or over
which it has no control, and its business, financial condition,
results of operations and prospects may change in the future. The
Company assumes no responsibility to update or revise any
forward-looking statements to reflect events, trends or
circumstances after the date they are made unless the Company has
an obligation under U.S. federal securities laws to do so.
Plus Therapeutics, Inc.Russ HavranekVP –
Marketing, Portfolio Management, Investor RelationsPhone:
+1.619.333.4150Email: ir@plustherapeutics.com
Source: Plus Therapeutics, Inc.
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