Aravive Announces Pricing of Public Offering of Common Stock
November 27 2019 - 8:30AM
Aravive, Inc. (Nasdaq: ARAV), (“Aravive”) a
clinical-stage biopharmaceutical company developing treatments
designed to halt the progression of life-threatening diseases,
including cancer and fibrosis, today announced the pricing of its
previously announced underwritten public offering of 3,333,334
shares of its common stock at a public offering price of $7.50 per
share. Aravive expects to receive gross proceeds of
approximately $25 million, before deducting underwriting discounts
and commissions and other estimated offering expenses payable by
Aravive.
In connection with this offering, Aravive has
granted the underwriters a 30-day option to purchase up to 500,000
additional shares of common stock at the public offering price. All
of the shares are being offered by Aravive. The offering is
expected to close on or about December 2, 2019, subject to the
satisfaction of customary closing conditions.
Aravive currently intends to use the net
proceeds from this offering primarily for research, development and
manufacturing of product candidates, and for other general
corporate purposes including, to acquire, license or invest in
complementary businesses, technologies, product candidates or other
intellectual property.
Piper Jaffray and Cantor Fitzgerald & Co.
are acting as joint book runners for the offering.
The offering is being made pursuant to an
effective shelf registration statement on Form S-3 (File No.
333-219765) previously filed with and declared effective by the
Securities and Exchange Commission (“SEC”). A preliminary
prospectus supplement and accompanying base prospectus describing
the terms of the proposed offering was filed with the SEC on
November 26, 2019 and a final prospectus supplement and
accompanying base prospectus relating to the offering will be filed
on or about November 29, 2019. The preliminary prospectus
supplement is available, and the final prospectus supplement will
be available, on the SEC’s website at http://www.sec.gov.
Electronic copies of the preliminary prospectus and the final
prospectus supplement, when available, may also be obtained by
contacting Piper Jaffray & Co., Attention: Prospectus
Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by
email at prospectus@pjc.com, or by phone at (800) 747-3924; or
Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park
Ave., 6th Floor, New York, New York 10022, or by email at
prospectus@cantor.com. Before investing in this offering,
interested parties should read in their entirety the prospectus
supplement and the accompanying prospectus and the other documents
that Aravive has filed with the SEC that are incorporated by
reference in such prospectus supplement and the accompanying
prospectus, which provide more information about Aravive and such
offering.
This press release shall not constitute an offer
to sell nor the solicitation of an offer to buy, nor shall there be
any sale of 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 Aravive
Aravive is a clinical-stage biopharmaceutical
company developing treatments designed to halt the progression of
life-threatening diseases, including cancer and fibrosis. Aravive’s
lead product candidate, AVB-500, is an ultrahigh-affinity decoy
protein that targets the GAS6-AXL signaling pathway. By capturing
serum GAS6, AVB-500 starves the AXL pathway of its signal,
potentially halting the biological programming that promotes
disease progression. AXL receptor signaling plays an important role
in multiple types of malignancies by promoting metastasis, cancer
cell survival, resistance to treatments, and immune suppression.
The GAS6-AXL signaling pathway also plays a significant role in
fibrogenesis. Aravive is evaluating AVB-500 in platinum-resistant
ovarian cancer, and intends to expand development into additional
oncology and fibrotic indications.
Forward Looking Statements
This press release includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 on our current expectations and projections
about future events. In some cases, forward-looking statements can
be identified by terminology such as “may,” “should,” “potential,”
“continue,” “expects,” “anticipates,” “intends,” “plans,”
“believes,” “estimates,” and similar expressions. These statements
are based upon current beliefs, expectation, and assumptions and
include statements regarding the completion of the public offering
and intended use of proceeds. These statements are subject to a
number of risks and uncertainties, many of which are difficult to
predict, including the success of Aravive’s clinical programs, and
the other factors described in Aravive’s filings with the SEC. The
information in this release is provided only as of the date of this
release, and Aravive undertakes no obligation to update any
forward-looking statements contained in this release based on new
information, future events, or otherwise, except as required by
law.
Contacts for Aravive:
Investors:
Christina Tartaglia
Stern IR, Inc.
christina.tartaglia@sternir.com
212-362-1200
Media:
Heidi Chokeir
Canale Communications
heidi@canalecomm.com
619-203-5391
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