Between November 12, 2020 and January 5, 2021, the
Company issued and sold an aggregate of 9,894,519 shares of its
common stock in “at the market” offerings under the Capital on
DemandSM Sales
Agreement with JonesTrading Institutional Services LLC
(“JonesTrading”) resulting in aggregate gross proceeds of
approximately $12.7 million before deducting commissions payable to
JonesTrading.
On January 6, 2021, the Company announced that it had entered
into definitive agreements with investors for the purchase and sale
of 32,630,983 of its shares of common stock at a purchase price of
$1.10 per share in a registered direct offering and that the
closing of the offering is expected to occur on or about January 8,
2021, subject to the satisfaction of customary closing
conditions.
The Company believes that its existing cash, cash equivalents and
investments, together with the anticipated proceeds from the
registered direct offering will enable it to fund its current
business plan, including the Company’s planned clinical trial of
ALRN-6924 in patients with non-small cell lung cancer, into the
second half of 2023.
Forward-Looking Statements
Statements in this report about Company’s future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements about the Company’s belief that
its existing cash, cash equivalents and investments will enable it
to fund its current business plan including related operating
expenses and capital expenditures into the second half of 2023. The
words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “would” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including whether the conditions to the closing of the
registered direct offering will be satisfied; whether the Company’s
cash resources will be sufficient to fund its continuing operations
for the periods and/or trials anticipated; whether results obtained
in clinical trials will be indicative of results obtained in future
clinical trials; whether third party data would be indicative of
the data that would be obtained in a randomized, head-to-head clinical trial;
whether the Company’s product candidates will advance through the
clinical trial process on a timely basis, or at all; whether the
results of such trials will be accepted by and warrant submission
for approval from the United States Food and Drug Administration or
equivalent foreign regulatory agencies; whether the Company’s
product candidates will receive approval from regulatory agencies
on a timely basis or at all; whether, if product candidates obtain
approval, they will be successfully distributed and marketed; what
impact the coronavirus pandemic may have on the timing of the
Company’s clinical development, clinical supply and operations; and
other factors discussed in the “Risk Factors” section of the
Company’s quarterly report on Form 10-Q for the period
ended September 30, 2020, and risks described in other filings
that the Company may make with the Securities and Exchange
Commission. Any forward-looking statements contained in this report
speak only as of the date hereof, and the Company specifically
disclaims any obligation to update any forward-looking statement,
whether because of new information, future events or otherwise.
