FREMONT, Calif., May 13, 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, announced today the closing of its
previously announced underwritten public offering of 5,147,059
shares of common stock, and warrants to purchase an aggregate of
2,573,530 shares of common stock at an exercise price of
$4.37 per share. The underwriters
also exercised their over-allotment option to purchase additional
warrants to purchase 386,029 shares of common stock. 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 gross proceeds of the offering, including the underwriters'
over-allotment option exercise of the warrants, are expected to be
approximately $17.5 million, before
deducting underwriting discounts and commissions and other
estimated offering expenses. 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.
Raymond James & Associates,
Inc. acted as the sole book-running manager for the offering.
BTIG, LLC acted as the sole lead manager, and FBR Capital Markets
& Co., JonesTrading Institutional Services LLC and Lake Street
Capital Markets, LLC acted as co-managers in the offering.
The securities described above were issued by the company
pursuant to a shelf registration statement on Form S-3 previously
filed with and declared effective by the Securities and Exchange
Commission (SEC). A prospectus supplement and accompanying
prospectus related to the offering was filed with the SEC on
May 11, 2016 and are available on the
SEC's website located at www.sec.gov. Electronic copies of the
prospectus supplement and accompanying prospectus may be obtained
from Raymond James, 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.
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.