Corbus Pharmaceuticals Announces Pricing of Public Offering of Common Stock
February 07 2020 - 9:02AM
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 the pricing of an underwritten public
offering of 6,666,667 shares of its common stock at a public
offering price of $6.00 per share, for a total public offering size
of approximately $40 million, before deducting underwriting
discounts and estimated offering expenses. In addition, Corbus has
granted the underwriters a 30-day option to purchase up to an
additional 1,000,000 shares of its common stock on the same terms
and conditions. All of the shares in the offering are being sold by
Corbus. The offering is expected to close on or about February 11,
2020, subject to customary closing conditions.
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. Oppenheimer & Co.
is acting as lead manager. Nomura and H.C. Wainwright & Co. are
acting as co-managers for the offering.
The offering is being made pursuant to a
registration statement that was filed with the U.S. Securities and
Exchange Commission (the “SEC”) and became effective on January 17,
2018. 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.
Copies of the final prospectus supplement (when available) and
accompanying prospectus relating to these securities may also be
obtained by sending a request to 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 (877)
822-4089, 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 CommunicationsPhone: +1 (617) 415-7745Email:
ir@corbuspharma.com
Lindsey Smith, Associate Director, Investor
Relations and Corporate CommunicationsPhone: +1 (617)
415-7749Email: mediainfo@corbuspharma.com
Christina Tartaglia Stern Investor
Relations Phone: +1
(212) 362-1200 Email: christina.tartaglia@sternir.com
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