Corbus Pharmaceuticals Announces Proposed Public Offering of Common Stock
February 06 2020 - 4:01PM
Corbus Pharmaceuticals Holdings, Inc. (Nasdaq: CRBP) (“Corbus” or
the “Company”), a clinical-stage drug development company
pioneering transformative medicines that target the endocannabinoid
system, today announced that it plans to offer and sell shares of
its common stock in an underwritten registered public offering. All
of the shares in the offering are to be sold by Corbus. The
offering is subject to market conditions, and there can be no
assurance as to whether or when the offering may be completed, or
the actual size or terms of the offering.
Corbus intends to use the net proceeds of the
proposed underwritten offering to fund its continued development of
lenabasum, CRB-4001 and its other preclinical compounds as well as
for general corporate purposes, which may include funding
preclinical studies and clinical trials, manufacturing lenabasum
and CRB-4001 for clinical trials and commercial launch, and
acquisitions or investments in businesses, products or technologies
that are complementary, and to increase its working capital and
fund capital expenditures.
Jefferies and RBC Capital Markets are acting as
joint book-running managers for the offering. Corbus intends to
grant the underwriters a 30-day option to purchase up to an
additional 15% of the shares of common stock sold in the public
offering.
A registration statement relating to these
securities has been filed with the Securities and Exchange
Commission (“SEC”) and became effective on January 17, 2018.
A preliminary prospectus supplement and
accompanying base prospectus relating to and describing the terms
of the offering will be filed with the SEC. The securities
described above have not been qualified under any state blue sky
laws. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or other
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 other jurisdiction. The
offering can be made only by means of a prospectus, copies of which
may be obtained at the SEC’s website at www.sec.gov, or by request
at Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, New York
10022, by telephone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com; or from RBC Capital Markets,
LLC, Attention: Prospectus Department, 200 Vesey Street, 8th Floor,
New York, New York 10281, or by telephone at (866) 375-6829, or by
email at equityprospectus@rbccm.com.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. is a
Phase 3 clinical-stage pharmaceutical company focused on the
development and commercialization of novel therapeutics to treat
inflammatory and fibrotic diseases by leveraging its pipeline of
rationally designed, endocannabinoid system-targeting drug
candidates. The Company's lead product candidate, lenabasum,
is a novel, oral, selective cannabinoid receptor type 2 (CB2)
agonist rationally designed to resolve chronic inflammation and
fibrotic processes. Lenabasum is currently being
evaluated in systemic sclerosis, cystic fibrosis, dermatomyositis
and systemic lupus erythematosus.
Corbus is also developing a pipeline of
drug candidates targeting the endocannabinoid system. The pipeline
includes CRB-4001, a 2nd generation, selective cannabinoid receptor
type 1 (CB1) inverse agonist designed to be peripherally
restricted. Potential indications for CRB-4001 include nonalcoholic
steatohepatitis (NASH), among others. Corbus expects data
from a CRB-4001 Phase 1 safety study in 2020.
Forward-Looking Statements
Statements in this press release that are not
statements of historical fact are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements include, without limitation,
statements about Corbus’ expectations regarding the completion,
timing and size of its public offering and the anticipated use of
proceeds therefrom. Words such as “believe,” “anticipate,” “plan,”
“expect,” “intend,” “may,” “goal,” “potential” and similar
expressions are intended to identify forward-looking statements,
though not all forward-looking statements necessarily contain these
identifying words. Among the factors that could cause actual
results to differ materially from those indicated in the
forward-looking statements are risks and uncertainties associated
with market conditions and the satisfaction of customary closing
conditions related to the offering, as well as risks and
uncertainties associated with Corbus’ business and finances in
general, including the risks and uncertainties in the section
captioned “Risk Factors” in the preliminary prospectus supplement
related to the public offering that will be filed with the SEC and
the Company’s most recently filed Annual Report on Form 10-K and
subsequently filed Quarterly Reports on Form 10-Q. There can be no
assurances that we will be able to complete the proposed offering
on the anticipated terms, or at all. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary
statement, and Corbus undertakes no obligation to revise or update
any forward-looking statements to reflect events or circumstances
after the date of this press release.
Corbus Pharmaceuticals
Contacts:
Ted Jenkins, Senior Director, Investor Relations and Corporate
Communications Phone: +1 (617)
415-7745 Email: ir@corbuspharma.com
Lindsey Smith, Associate Director, Investor Relations and
Corporate Communications Phone: +1 (617)
415-7749 Email: mediainfo@corbuspharma.com
Christina Tartaglia Stern Investor
Relations Phone: +1
(212) 362-1200 Email: christina.tartaglia@sternir.com
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