NEW YORK, Sept. 9, 2020 /PRNewswire/ -- Seelos
Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage
biopharmaceutical company, announced today that it has closed its
previously announced registered direct offering to certain
institutional investors of 8,865,000 shares of common stock at a
price of $0.79 per share. The Company
also closed its previously announced concurrent private placement
to the investors of unregistered warrants to purchase up to
6,648,750 shares of common stock. The warrants have an exercise
price of $0.84 per share of common
stock, will be exercisable six months from the date of issuance and
will expire five years following the initial date of
exercise.
After deducting the placement agent's fees and offering
expenses, the Company received net proceeds of approximately
$6.2 million. Seelos intends to use
the net proceeds from the offering for general corporate purposes
and to advance the development of its product candidates.
Roth Capital Partners acted as the sole placement agent for the
offering.
A shelf registration statement on Form S-3 (File No. 333-221285)
relating to the shares of common stock issued in the registered
direct offering was previously filed with the Securities and
Exchange Commission (the "SEC") on November
2, 2017, amended on December 1,
2017 and declared effective by the SEC on December 7, 2017. Such shares were offered only
by means of a prospectus. A prospectus supplement and the
accompanying prospectus relating to and describing the terms of the
registered direct offering has been filed with the SEC and is
available on the SEC's website at www.sec.gov. Copies of the
prospectus supplement and the accompanying prospectus relating to
the registered direct offering may also be obtained by contacting
Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, California 92660, by calling
(800) 678-9147 or by e-mail at rothecm@roth.com.
The unregistered warrants described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the "Act"), and Regulation D promulgated
thereunder and, along with the shares of common stock underlying
the warrants, have not been registered under the Act or applicable
state securities laws. Accordingly, the warrants and underlying
shares of common stock may not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Act and such applicable state
securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or 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
jurisdiction.
About Seelos Therapeutics:
Seelos Therapeutics, Inc. is a clinical-stage biopharmaceutical
company focused on the development and advancement of novel
therapeutics to address unmet medical needs for the benefit of
patients with central nervous system (CNS) disorders and other rare
disorders. The Company's robust portfolio includes several
late-stage clinical assets targeting psychiatric and movement
disorders, including orphan diseases. Seelos is based in
New York, New York. For more
information, please visit our website:
http://seelostherapeutics.com, the content of which is not
incorporated herein by reference.
Forward-looking Statements:
This press release contains forward-looking statements related
to Seelos Therapeutics, Inc. and its subsidiaries under the safe
harbor provisions of Section 21E of the Private Securities
Litigation Reform Act of 1995 and subject to risks and
uncertainties that could cause actual results to differ materially
from those projected. Forward-looking statements include statements
regarding Seelos' expectations regarding the anticipated use of
proceeds from the offering and other matters that are described in
Seelos' most recent periodic reports filed with the Securities and
Exchange Commission, including Seelos' Annual Report on Form 10-K
for the year ended December 31, 2019,
subsequent Quarterly Reports on Form 10-Q and the prospectus
supplement related to the registered direct offering filed with the
SEC on September 8, 2020, including
risks and uncertainties associated with general economic and market
conditions and the other risk factors set forth in those filings.
Investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release and Seelos disclaims any intent or obligation to update
these forward-looking statements except as required by law.
Contact Information:
Anthony Marciano
Head of Corporate Communications
Seelos Therapeutics, Inc. (Nasdaq: SEEL)
300 Park Ave., 12th Fl
New York, NY 10022
(646) 293-2136
anthony.marciano@seelostx.com
www.seelostherapeutics.com
https://twitter.com/seelostx
https://www.linkedin.com/company/seelos
View original content to download
multimedia:http://www.prnewswire.com/news-releases/seelos-therapeutics-announces-closing-of-7-0-million-registered-direct-offering-301126763.html
SOURCE Seelos Therapeutics, Inc.