FREMONT, Calif., May 10, 2016 /PRNewswire/ -- Asterias
Biotherapeutics, Inc. (NYSE MKT: AST), a biotechnology company with
three clinical-stage development programs focused on the emerging
field of regenerative medicine, today announced the pricing of
an underwritten public offering of 5,147,059 units at a
public offering price of $3.40 per
unit. Each unit consists of one share of common stock and 0.5
of a warrant to purchase a share of common stock at an exercise
price of $4.37 per share. The
warrants are immediately exercisable and expire on the fifth
anniversary of the date of issuance. The shares of common stock and
warrants are immediately separable and will be issued
separately.
The offering is expected to close on May
13, 2016, subject to customary closing conditions. Asterias
has granted the underwriters a 30-day option to purchase up to an
additional 772,059 shares of common stock and/or additional
warrants to purchase up to 386,029 shares of common stock to cover
over-allotments, if any.
Raymond James & Associates,
Inc. is acting as the sole book-running manager for the offering.
BTIG, LLC is acting as the sole lead manager, and FBR Capital
Markets & Co., Jones Trading Institutional Services LLC and
Lake Street Capital Markets, LLC are acting as co-managers in the
offering.
The gross proceeds of the offering are expected to be
approximately $17.5 million, before
deducting underwriting discounts and commissions and other
estimated offering expenses, excluding the exercise of any
warrants. If the over-allotment option is exercised in full, gross
proceeds of the offering, before deducting underwriting discounts
and commissions and other estimated offering expenses, are expected
to be approximately $20.1 million.
Asterias intends to use the net proceeds from this offering for
general corporate purposes, including for clinical trials, research
and development, capital expenditures and working capital.
The securities described above are being offered by the company
pursuant to a shelf registration statement on Form S-3, as amended,
previously filed with and declared effective by the Securities and
Exchange Commission (SEC). A preliminary prospectus supplement
related to the offering has been filed with the SEC. A final
prospectus supplement related to the offering will be filed with
the SEC and available on the SEC's website at www.sec.gov.
Electronic copies of the preliminary prospectus supplement may be
obtained from Raymond James &
Associates, Inc., Attention: Equity Syndicate, 880 Carillon
Parkway, St. Petersburg, Florida,
or by telephone at (800) 248-8863, or e-mail at
prospectus@raymondjames.com, or by accessing the SEC's website at
www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities described herein,
nor shall there be any sale of the securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Asterias Biotherapeutics
Asterias Biotherapeutics, Inc. is a leading biotechnology
company in the emerging field of regenerative medicine. The
company's proprietary cell therapy programs are based on its
immunotherapy and pluripotent stem cell platform technologies.
Asterias is presently focused on advancing three clinical-stage
programs which have the potential to address areas of very high
unmet medical need in the fields of oncology and neurology.
AST-VAC1 (antigen-presenting autologous dendritic cells)
demonstrated promise in a Phase 2 study in acute myelogenous
leukemia (AML) and completed a successful end-of-Phase 2 meeting
with the FDA in advance of initiating planning for a single pivotal
Phase 3 AML study. AST-VAC2 (antigen-presenting allogeneic
dendritic cells) represents a second generation, allogeneic
immunotherapy. The company's research partner, Cancer Research UK,
plans to begin a Phase 1/2 clinical trial of AST-VAC2 in non-small
cell lung cancer in 2017. AST-OPC1
(oligodendrocyte progenitor cells) is currently in a Phase 1/2a
dose escalation clinical trial in spinal cord injury. Additional
information about Asterias can be found at
www.asteriasbiotherapeutics.com.
FORWARD-LOOKING STATEMENTS
Statements pertaining to future financial and/or operating
results, future growth in research, technology, clinical
development, and potential opportunities for Asterias, along with
other statements about the future expectations, beliefs, goals,
plans, or prospects expressed by management constitute
forward-looking statements. Any statements that are not historical
fact (including, but not limited to statements that contain words
such as "will," "believes," "plans," "anticipates," "expects,"
"estimates") should also be considered to be forward-looking
statements. Forward-looking statements involve risks and
uncertainties, including, without limitation, risks inherent in the
development and/or commercialization of potential products,
uncertainty in the results of clinical trials or regulatory
approvals, need and ability to obtain future capital, and
maintenance of intellectual property rights. Actual results may
differ materially from the results anticipated in these
forward-looking statements and as such should be evaluated together
with the many uncertainties that affect the businesses of Asterias,
particularly those mentioned in the cautionary statements found in
Asterias' filings with the Securities and Exchange Commission.
Asterias disclaims any intent or obligation to update these
forward-looking statements.
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SOURCE Asterias Biotherapeutics, Inc.